SINGAPORE, June 28 (Xinhua) -- Singapore shares closed 1.04 percent higher on Friday, as investors cheered comments from U.S. Federal Reserve officials suggesting that the central bank will not change course on its economic-stimulus plan soon.
Shanghai bourse also rose on Friday. Bank of America and Merrill Lynch said the worst of the liquidity squeeze in Chinese mainland is over and market should calm down, adding that no policymaker can afford to be blamed for being responsible for an unnecessary financial meltdown and growth hard landing.
OCBC Investment Research said "Global risk sentiment continued to recover amid more encouraging economic data from the U.S. and Japan, more soothing words from Federal Reserve officials to calm market's recently ruffled feather over Quantitative Easing tapering, and further normalization of China's money market," adding that the index resistance will be at 3,160 points and support at 3,100 points.
Phillip Securities Research said "we expect support from the 3, 000 points level, while downward bias may persist should the Straits Times Index not clear above the 3,230 points resistance level."
CIMB Research said a bounce is likely underway, as prices tested the gap between 3,045 points and 3,065 points twice and on both occasion, a rebound took place.
SIAS Research said "we could see the index inching higher in the direction of the 3,150 points resistance level with support established at 3,100 points level."
The benchmark Straits Times Index rose 32.41 points to close 3, 150.44 points. Trading volume was 1.80 billion shares worth 1.72 billion Singapore dollars. Advancers outnumbered decliners 262 to 158, while 528 stocks closed unchanged.
SATS Limited rose 0.3 percent to 3.29 Singapore dollars. SATS Investment Private Limited, a wholly owned subsidiary of airport terminal service provider SATS, plans to sell its 40 percent stake in Adel Abuljadayel Flight Catering Company for 18.4 million U.S. dollars.
Olam International fell 0.9 percent to 1.64 Singapore dollars. Citigroup Equity Research said the commodity firm was trading at comparable valuations to the lows observed during the global financial crisis, and remained positive on its performance outlook, adding that near-term catalysts would come from positive reaffirmation of Olam's assets via sale, lease-back and joint venture deals.
Among the top gainers, Jardine Matheson rose 2.9 percent to 60. 50 U.S. dollars, while STXPO became one of top losers by falling 5. 1 percent to 1.31 Singapore dollars. (1 U.S. dollar equals to 1.25 Singapore dollars)
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