Singapore Stocks End Up 0.51%

Singapore shares closed 0.51 percent higher on Tuesday, but trading was thin as most major markets were closed.

Latest data showed China’s industrial sector profit rose 14.5 percent in November from a year earlier, suggesting the economy there was improving. However, data on Dec. 23 showed U.S. consumer spending increased modestly in November as household income failed to rise for the first time in nine months.

Meanwhile, oil prices were firm on Tuesday as market players took a wait-and-see approach to output cuts by major oil producers that are due to start in less than a week.

Singapore’s benchmark Straits Times Index rose 14.71 points to 2,885.76 points. Trading volume was merely 601 million shares worth 364 million Singapore dollars. Advancers outnumbered decliners 188 to 174, while 741 stocks did not move.

Global Logistic Properties rose 0.9 percent to 2.23 Singapore dollars. The provider of modern logistics facilities has acquired a land parcel for long-term logistics facilities development known as GLP Sagamihara in Greater Tokyo. GLP Sagamihara will be developed in phases across six buildings. Global Logistic Properties expects to start the first phase of construction in 2020 following a sale-and-leaseback arrangement with the seller. The total investment cost of GLP Sagamihara is USD1.1 billion.

ST Engineering rose 1.2 percent to 3.25 Singapore dollars. Its electronics arm says its AgilFence Perimeter Intrusion Detection System (PIDS) has met the U.K. Center for the Protection of National Infrastructure (CPNI) standard. This covers the PIDS’ use for protection of critical national infrastructure covering communications, emergency services, energy, financial services, food, government, health, transport and water sectors.

Among the top gainers, Jardine Cycle and Carriage rose 0.7 percent to 39.64 Singapore dollars, whereas Great Eastern Holdings became one of the top losers by falling 0.2 percent to 20.20 Singapore dollars. (1 U.S. dollar equals to 1.45 Singapore dollars) (PNA/Xinhua) FPV/EBP