Singapore shares end higher in line with rebound in Asian markets

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SINGAPORE (June 30): Singapore shares closed in positive territory today, in line with other Asian bourses. Notably, mainland Chinese markets rebounded strongly in choppy trading from steep intraday losses.

The Straits Times Index climbed 1.13% to 3,317.33.

Some 1.18 billion shares worth $1.26 billion changed hands, compared with 1.26 billion shares worth $1.02 billion yesterday.

Market breadth was positive, with gainers outpacing decliners 250 to 173.

Singapore Telecommunications, DBS Group Holdings, CapitaLand, United Overseas Bank, and Oversea-Chinese Banking Corporation ended among the most active stocks in the market in terms of value traded.

Among gainers, Del Monte Pacific surged 4.4% to 35.5 cents. This is in spite of the producer and distributor of food and beverage products posting a net loss of US$14.1 million ($19.03 million) in its fourth quarter ended April 30.

Suntec REIT rose 0.9% to $1.725. ARA Trust Management (Suntec), the manager of the REIT which invests in retail and office properties, announced plans to divest Park Mall for $411.8 million. In conjunction with the divestment, Park Mall Investment, a joint venture company of which Suntec REIT has a 30% interest, has been set up to redevelop Park Mall into a commercial development comprising two office blocks with an ancillary retail component.

Design Studio Group traded flat at 53.5 cents. The furniture manufacturer, product and interior fitting-out specialist, announced that it has appointed Ku Wei Siong as the group’s new Chief Executive. Ku will assume his new role on September 1, 2015.

Uni-Asia Holdings last traded at $1.42 on June 29. The company, which provides ship charter arrangements and invests in alternative assets, announced that it has acquired a new wholly owned Panama-incorporated company known as Fortuna Containership S.A. as a ship owning subsidiary for the purpose of acquiring a 3,500 TEU second-hand containership.

Among top decliners, MS Holdings plummeted 20.8% to 19 cents. The crane rental company reported last Friday that FY2015 net profit fell 37.5% to $2 million from $3.2 million a year ago, hit by depreciation expenses and one-off IPO related expenses.

Novo Group plunged 17.2% to 24 cents. The steel trader and tinplate manufacturer and processor saw its 4Q losses widen to US$11.3 million ($15.2 million) from US$6.5 million a year ago as revenue dropped nearly 70% to US$22.3 million. For the full year ended April, losses widened to US$20.6 million from US$13.2 million as revenue fell 8.8% to US$249 million.