SINGAPORE, March 13 (Xinhua) -- Singapore shares closed 0.44 percent higher on Monday, buoyed by rise in U.S. markets on March 10.
U.S. stocks rose after a strong February jobs report is seen as clearing the path for the U.S. Federal Reserve to raise interest rates this week. Non-farm payrolls increased by 235,000 and the unemployment rate was 4.7 percent while the average hourly earnings increased by a healthy 2.8 percent on an annualized basis.
DBS Group Research said "we peg a short-term trading range of 3,050 points to 3,150 points. Any attempt to break above 3,150 points will not sustain in the short-term as the resistance at 3,200 point level is formidable. Equity markets may have to get past the March Federal Reserve policy meeting and the April French elections before resuming their climb."
Singapore's benchmark Straits Times Index rose 13.8 points to 3,147.15 points. Trading volume was 2.22 billion shares worth 1.15 billion Singapore dollars. Advancers slightly outnumbered decliners 244 to 243.
TRIYARDS Holdings closed flat at 29.5 Singapore cents. It has clinched contracts worth 20.6 million U.S. dollars for the fabrication of two passenger ferries. The order wins for two passenger ferries were secured by Strategic Marine, a wholly owned subsidiary of TRIYARDS, from two ferry operators. It has won an order to build an 85 meter vehicle passenger ferry for Pentland Ferries, a Scottish ferry operator, and has also secured an order for a 40 meter high-speed passenger ferry for an Asian operator.
Jackspeed Corporation dropped 5.3 percent to 12.4 Singapore cents. It has entered into a conditional subscription agreement for 50.2 million new shares at a subscription price of 11.385 Singapore cents per share. The subscription price represents a discount of approximately 10 percent to the last volume weighted average price. The net proceeds of about 5.7 million Singapore dollars is intended for general working capital purposes.
Among top gainers, City Development Limited rose 3.4 percent to 10.50 Singapore dollars, while Jardine Cycle and Carriage became one of the top losers by falling 0.4 percent to 43.72 Singapore dollars. (1 U.S. dollar equals to 1.41 Singapore dollars)
