Singapore stocks end up 0.87 percent

GMT 11:30 2016 Friday ,20 May

Arab Today, arab today Singapore stocks end up 0.87 percent

Singapore exchange
Singapore - XINHUA

Singapore shares closed 0.87 percent higher on Friday, as persistent fears about supply outages in Canada and Nigeria bolstered crude oil prices.

U.S. crude added 1 percent to near 49 U.S. dollars a barrel overnight, up more than 5 percent for the week, while Brent crude futures advanced to above 49 U.S. dollars per barrel, up nearly 3 percent for the week.

Meanwhile, comments from two Federal Reserve officials overnight strengthened expectations that the U.S. central bank would increase rates this summer. The possibility had already gained more traction after recent data showed improvement in the U.S. economy and after the Federal Reserve released its latest meeting minutes Wednesday.

Singapore's benchmark Straits Times Index rose 23.71 points to 2,763.82 points. Trading volume was 893 million shares worth 885 million Singapore dollars. Advancers outnumbered decliners 204 to 176, while 528 stocks did not move.

Keppel Corporation rose 2.7 percent to 5.36 Singapore dollars. Its offshore and marine unit has entered into a shareholders' agreement with Russian national oil company, Rosneft Oil Company, and Norwegian drilling equipment firm, MHWirth, to set up a Singapore incorporated joint venture company, and set up a design and engineering centre for mobile offshore drilling units (MODUs) in the Russian Federation.

Nera Telecommunications rose 0.7 percent to 70 Singapore cents. It has agreed to sell its payments solutions business for 88 million Singapore dollars. The acquisition will give Nera a net gain of 71.5 million Singapore dollars from the divestment, which will be partly paid out to shareholders. The deal will be put to the vote by shareholder in the third quarter.

Among top gainers, DBS Group rose 0.8 percent to 15.13 Singapore dollars, while Jardine Strategic became one of the top losers by falling 1.4 percent to 28.45 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars)

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