Singapore shares closed 1.15 percent higher on Tuesday, as China's new measure to prevent panic selloff in bourses offset impact of weak Chinese trading data.
The Shanghai Composite Index jumped almost 3 percent after initial fall due to disappointing trade data. China's stock exchanges officially announced on Tuesday a plan to install a circuit-breaker mechanism to prevent panic selloffs in case of drastic swings in the market.
A temporary suspension of trading will be triggered when the index swings upward and downward for 5 percent and 7 percent, according to the statement published on the official websites of Shanghai Stock Exchange, Shenzhen Stock Exchange and China Financial Futures Exchange.
Meanwhile, data late Tuesday morning showed that China's exports fell 5.5 percent in August from a year earlier in dollar terms, and imports in August plunged 13.8 percent from a year earlier, both weaker than the market's average forecast.
Singapore's benchmark Straits Times Index jumped 32.91 points to 2,885.32 points. Trading volume was 1.19 billion shares worth 1. 06 billion Singapore dollars. Advancers outnumbered decliners 245 to 151, while 544 stocks did not move.
Among top actives, YuuZoo Corporation soared 17.4 percent to 16. 9 Singapore cents. It has partnered with Sweden-based Circle of Champions (CoC) to distribute and market, in the markets where it has franchisees and partners, CoC's popular and high-revenue generating Android and iOS mobile games Powershot Challenge and Striker Challenge.
Global Logistics Properties rebounded 1 percent at 2.04 Singapore dollars. It announced new lease agreements totaling 126, 000 square meters in China. The leases were signed with Best Logistics and SF Express, two leading third-party logistics companies who are also Global Logistics Properties' largest customers by leased area in China. The customers are expanding in five cities across China to cater to increasing demand for express delivery services driven by e-commerce.
Among the top gainers, Jardine Cycle and Carriage rose 2.2 percent to 29.57 Singapore dollars, whereas Lafe Corporation became one of the top losers by falling 8 percent to 1.15 Singapore dollars. (1 U.S. dollar equals to 1.42 Singapore dollars)