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Tue,Sep 10,2013
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Singapore stocks end up 1.16 pct helped by Russian proposal on Syria, positive Chinese economic data

(Xinhua)    18:08, September 10, 2013
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Singapore shares closed 1.16 percent higher on Tuesday, on hopes that the threat of a U.S. military intervention in the Middle East could be abating as Syria welcomed a Russian proposal to put its chemical weapons under international control.

Russia's proposal to work with Damascus to put its chemical weapons under international control could avert planned U.S. action. It prompted U.S. President Barack Obama to say he saw a possible breakthrough in the crisis.

Meanwhile, upbeat Chinese industrial output and retail sales data on Tuesday added to growing evidence that China's economic slowdown may have bottomed out.

Voyager Research said "we could see the index inching higher in the direction of the 3,100 points with support established at 3, 060 points."

Singapore's benchmark Straits Times Index rose 35.69 points to 3,123.89 points. Trading volume was 5.06 billion shares worth 1.46 billion Singapore dollars. Advancers outnumbered decliners 331 to 155, while 472 stocks did not move.

Tiger Airways inched up 0.9 percent to 54 Singapore cents. It has upped its shareholding in the capital of Indonesia's PT Mandala Airlines from 33 percent to 35.8 percent. Tiger became a shareholder of Mandala early last year.

Sound Global jumped 7.8 percent to 69.5 Singapore cents. It is proposing to delist from Singapore bourse. The exit offer will be made at 70 in cash for each offer share. The offeror does not intend to increase the exit offer price. The company will continue to maintain its primary listing of the shares on the Stock Exchange of Hong Kong.

CapitaMalls Asia rose 2.7 percent to 1.93 Singapore dollars. OCBC rated the stock "buy" with target price of 2.55 Singapore dollars, saying "we believe increasing signs of stabilizing economic fundamentals in China reinforces the outlook of CapitaMalls Asia's Chinese mall portfolio, which has continued to put up firm numbers year to date."

Among top gainers, Jardine Matheson surged 5.6 percent to 57 U. S. dollars, while UOB became one of the top losers by dropping 0.4 percent to 20.36 Singapore dollars. (1 U.S. dollar equals to 1.28 Singapore dollars)

(Editor:WangXin、Hongyu)

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