Singapore stock market rises on easing nuclear concerns

10:59, March 23, 2011      

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Singapore shares ended higher for second day on Tuesday as easing concerns over the Japanese nuclear crisis gave investors confidence to pick up beaten-down stocks, though buying was still cautious amid the ongoing geopolitical risk in the Middle East.

The benchmark Straits Times Index climbed 19.24 points to 3,002. 75 points, with 1.2 billion shares changing hands on a market turnover of 1.37 billion Singapore dollars (1.08 billion U.S. dollars). Gainers led losers 376 to 120, while 787 others remained unchanged.

Citigroup Equity Research said, "Surveys of growth indicators remain supportive of an intact growth phase, which implies that current market weakness is an attractive entry point for investors. We expect the market to grind higher in 2011."

Among the top actives, Sembcorp Marine, the world's second largest oil rig builder, jumped 3.3 percent to 5.66 Singapore dollars (3.53 U.S. dollars). The company said on Monday its subsidiary Jurong Shipyard had secured an order worth 450 million Singapore dollars (39.49 million U.S. dollars) from Seadrill to build a jack-up rig.

CIMB Research, which maintained "outperform" rating with a target price of 6.38 Singapore dollars (5.04 U.S. dollars) on Sembcorp Marine, said the win brought its year-to-date orders to 1 billion Singapore dollars (0.79 billion U.S. dollars).

K-REIT Asia closed flat at 1.29 Singapore dollars. It said it plans to acquire four office levels in the city-state's Prudential Tower for around 125.1 million Singapore dollars (98.82 million U. S. dollars). OCBC Investment Research said after this acquisition, "more than 90 percent of K-REIT's Singapore portfolio will also be located in the prime areas of Raffles Place and Marina Bay." It added, with the debt-funded buy, K-REIT's aggregate leverage will increase to 39.3 percent from 37 percent. The research house does not have a rating on K-REIT.

Genting Singapore inched up 1 percent to 1.93 Singapore dollars. AmFraser Research said the share is likely to move up to higher end of month's 1.86 Singapore dollars and 2.03 Singapore dollars range in keeping with its strong quarterly finishes in last two years.

Among the top gainers, Jardine Cycle and Carriage surged 4.1 percent to 35.20 Singapore dollars (27.8 U.S. dollars), while Hong Kong Land was one of the top losers by falling 1 percent to 6.70 U. S. dollars. (1 U.S. dollar = 1.266 Singapore dollars)

Source: Xinhua
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