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SINGAPORE, June 20 (Xinhua) -- Singapore shares closed 1.36 percent higher on Monday, driven by expectations that Britain will remain in the European Union after Thursday's referendum.
Three British opinion polls ahead of the EU membership referendum on June 23 showed the "Remain" camp recovering some momentum, although the overall picture remained one of an evenly split electorate.
While all eyes are on the United Kingdom referendum this week, there are some other events investors will also be aware of: U.S. Federal Reserve Chair Janet Yellen will give her semi-annual testimony on monetary policy to Congress on Tuesday and Wednesday.
Investors also took comfort in the late rebounds of China markets which initially fell after the China Securities Regulatory Commission had unveiled the new rules last Friday tightening back-door listing. It also extended the share lock-up on new investors in shell stocks (listed firms with few assets and little revenue) from one year to two years, to discourage traders from speculating on these stocks.
Singapore's benchmark Straits Times Index rose 37.45 points to 2,800.87 points. Trading volume was 674 million shares worth 798 million Singapore dollars. Advancers outnumbered decliners 247 to 126, while 531 stocks did not move.
City Development Limited fell 1.6 percent to 8.71 Singapore dollars. Its subsidiary, Millennium & Copthorne Hotels New Zealand Limited (MCK), announced that the Rendezvous Grand Auckland Hotel will join the Millennium, Copthorne and Kingsgate portfolio of hotels as the Grand Millennium Auckland Hotel from Sept. 7.
MCK had been awarded a three-year management lease of the hotel commencing that day after a competitive tender process run by the hotel's owner, CDL Hospitality Real Estate Investment Trust. The lease provides for two renewal terms, each renewal term is for a period of 3 years and subject to mutual agreement between the landlord and the tenant.
Among top gainers, Jardine Cycle and Carriage rose 1.7 percent to 32.86 Singapore dollars, while Jardine strategic became one of the top losers by falling 0.7 percent to 29.04 U.S. dollars. (1 U.S. dollar equals to 1.36 Singapore dollars)
