Straits Times Index gains 6.2% in 2014

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SINGAPORE (Dec 31): Singapore shares ended the final trading session of the year mostly higher.

Gainers outnumbered decliners 194 to 131, with some 587.7 million shares worth $514 million changing hands.  

The Straits Times Index was little changed at 3,365.15. It ended with a gain, however, of 6.2% for the year.

"We see little fundamental reason for the STI to put forth a new high in the coming year," Howie Lee, investment analyst at Phillip Futures, said in a note.

"Both the global economy and the domestic economy have not shown much improvement in recovery in the past year. There (are) therefore few fundamental reasons for us to witness the STI breaking above (its all-time high of) 3,464.80."

Today's notable gainers among blue chips included Global Logistic Properties, up 1.2% at $2.48, and CapitaLand, up 1.2% at $3.31.

Olam International was the biggest decliner in percentage terms, down 2.9% at $2.02.

Among lower liners, Swiber Holdings fell 8.5% percent to 27 cents on dilution concerns after the company said it would carry out a rights issue to raise $45.9 million for working capital.

"The fundraising does not surprise us since we have been highlighting its weak balance sheet for some time," Maybank Kim Eng analyst Yeak Chee Keong said in a note.

"The proceeds raised are much needed for its continued operations," he added.

Swiber will issue up to 305.7 million new shares at 15 cents each on the basis of one rights share for every two ordinary shares held.

Matex International jumped 39.3% to a seven-week high of 8.5 cents on hopes of better business prospects after the company said it would acquire a China-based coal miner in a $475-million reverse takeover.

The target company is Blackgold Holdings Hong Kong, which owns four underground thermal coal mines in Chongqing.

STATS ChipPac rose 4.3% to 48 cents after a consortium led by Shanghai-listed Jiangsu Changjiang Electronics Technology firmed up plans for a 46.6-cent-a-share general offer for the semiconductor testing and assembly firm.