singapore shares closed nearly 1 per cent higher on better than expected chinese gdp 88362015

Singapore’s Straits Times Index (STI) ended 26.32 points higher or +0.80 per cent to 3,334.02, taking the year-to-date performance to -0.93 per cent. The FTSE ST Mid Cap Index gained +0.77 per cent, while the FTSE ST Small Cap Index gained +0.55 per cent. Asian markets were bullish on Tuesday following Chinese GDP figures that were better than expected.

The SGX traded 1,228.5 million shares valued at SG$949.7 million. Gainers outnumbered losing stocks by 275/147. Amongst the FTSE ST sectors, the best performers were utilities (+1.87 per cent), maritime (+1.86 per cent), and basic materials (+1.12 per cent). Oil and gas (-0.34 per cent) was the only losing sector for the day.

The Rolls-Royce Trent 1000 aircraft engine, the first to be made in Singapore for low-cost airline Scoot, and also reputed to be the second most fuel-efficient engine in the world, will be used in the carrier’s new fleet of 20 Boeing 787 Dreamliners, says Channel News Asia. “Rolls-Royce’s Trent 1000 engines, along with the 787 itself, will change the game for Scoot, reducing our fuel bill and allowing us to continue offering great value airfares,” said Mr Campbell Wilson, CEO of Scoot.

The price of land for executive condominiums has plunged to its lowest in three-and-half years, according to the Housing and Development Board, which received only three bids for an 187,830 square feet EC plot in Anchorvale Crescent, the highest being SG$157.8 million offered by Siam Lian Land. “The low participation rate among developers in this tender and the low bids illustrate the falling interest among developers for EC development sites due to the relatively poor sales in some of the recent EC launches,” said Mr Nicholas Mak, executive director of SLP International Property Consultants, according to TODAY.

Keppel Telecom & Transport Ltd. (SGX:K11) said revenue for the full financial year ended 31 December jumped 34.6 per cent to SG$224.6 million, and net profit leapt 290.2 per cent to SG$246.6 million, lifted mostly due to one-time gains, as reported by the Straits Times. The results were boosted due to the sale of two data centre properties in Singapore to Keppel DC Real Estate Investment Trust. The company declared a special cash dividend of SG$0.115, in addition to a final cash dividend of SG$0.035 for the year.

Construction company Lian Beng Group Ltd (SGX:L03) announced that net profit for the first six months ended November 30 jumped 105.2 per cent to SG$35.5 million on revenue of SG$367.6 million which was up 26.1 per cent, according to the Straits Times. Net profit included gains on shares in the results of associated companies and joint ventures amounting to SG$21.5 million, as well as on the sale of the group’s stake in a hotel development on Middle Road.

Shares of China Everbright Water Ltd (SGX:U9E) jumped 1.45 per cent to SG$1.05 after the company announced a placement of 120.7 million new shares at SG$0.94 each, thereby raising SG$113.4 million for its growth and expansion programmes, according to The Business Times.

Blumont Group Ltd (SGX:A33) announced it had agreed to place 100 million new ordinary shares to Vigneswaran T Subramaniam, a “private individual investor,” at SG$0.01705 per share, netting proceeds of about SG$1.67 million after expenses, said The Business Times.

Singapore Minister of Manpower Tan Chuan-Jin said Tuesday that his Ministry investigated and took action against 150 firms last year for following discriminatory employment practices. Actions included stern warnings and curtailment of work pass privileges for up to 2 years.

Recruitment firm Hays said steady hiring demand would continue in Singapore across most sectors in 2015, but warned that employees should not expect salaries in accordance with this level of demand. This finding was based on the Hays Salary Guide which polled 2,361 employers located in Singapore, Malaysia, Hong Kong, China and Japan that in total employed over 4 million people. In 2015 the survey expects that 54 per cent of Singapore firms will give staff a salary increase of between 3 to 6 per cent.

The IMF projected global growth at 3.5 per cent for 2015 and 3.7 per cent for 2016 in its latest World Economic Outlook report, lowering its forecast by 0.3 percentage points for both years, according to the Straits Times. It recommended that governments and central banks pursue accommodative monetary policies and structural reforms to prop up growth.

Find up to date information on the Straits Times Index at City Index.