Singapore shares ended up for the second consecutive session, after Wall Street indices had risen overnight amid rising commodity prices.
Singapore's benchmark Straits Times Index rose 19.32 points to 3,156.26 points. Trading volume remained thin at 983.7 million shares worth 1.03 billion Singapore dollars. Gainers outnumbered decliners 278 to 165, while 897 stocks did not move.
Phillip Securities said though the local bourse rallied, it was accompanied by light volume, adding "while we respect the fact that price has advanced, the lack of supporting volume .. is certainly a red flag."
SIAS Research noted "the market will still continue to be cautious, especially as we have the upcoming Consumer Price Index figures from China tomorrow and the U.S. Friday."
Among top actives, Armarda Group closed flat at 6.5 Singapore cents. The provider of IT services to the financial services industry in China said its target acquisition, China Satellite Mobile Communications Group, which operates and provides mobile satellite telecommunications products and services in China, will immediately start construction of a Satellite Gateway in China, with its United Arab Emirates-based partner, Thuraya Communications. Both aim to tap the vast satellite voice and data market in China.
SembCorp Marine climbed 0.4 percent to 5.60 Singapore dollars. It posted a first quarter net profit of 150.6 million Singapore dollars, up 1.2 percent on-year, with revenue of 828.9 million Singapore dollars, down 39 percent on-year. OCBC Investment Research said the results were within expectations, with net profit accounting for 21 percent of its whole year estimate. The research house kept its "Buy" rating and fair value of 6.30 Singapore dollars on the company.
Overseas Union Enterprise gained 1.7 percent to 3.08 Singapore dollars. The Singapore real estate firm said its first quarter net profit rose 23 percent from a year ago due to fair value gain on its properties and higher contribution from its hospitality and property investment divisions.
Among top gainers, Cerebos Pacific gained 2.7 percent to 5.24 Singapore dollars, while Venture Corporation became one of the top losers by slipping 1.5 percents to 9.70 Singapore dollars (1 U.S. dollar equals 1.23 Singapore dollars).
(Source:http://news.xinhuanet.com)