Singapore shares closed 0.24 percent higher on Friday, after U.S. stocks rose overnight following Congress' approval on bill to fight against Islamic State militants.

The U.S. Senate on Thursday approved a bill requested by President Barack Obama to train and arm of moderate Syrian rebels fighting Islamic State militants, which now goes to Obama to sign into law.

Obama said the strong bipartisan support showed Americans were united in the fight against Islamic State militants.

Separately, investors also cheered on news of an eye-popping initial public offering by Chinese e-commerce giant Alibaba Group.

Alibaba Group Holding priced its initial public offering at 68 U.S. dollars a share, the top end of the expected range, raising 21.8 billion U.S. dollars on which is one of the largest-ever stock offerings.

Singapore's benchmark Straits Times Index rose 7.76 points to 3, 305.05 points. Trading volume was 1.75 billion shares worth 1.2 billion Singapore dollars. Advancers outnumbered decliners 266 to 193, while 478 stocks did not move.

Keppel Land closed up 1.8 percent to 3.46 Singapore dollars. It proposed to sell its one-third stake in Marina Bay Financial Center Tower 3 (MBFC) to Keppel REIT for 1.25 billion Singapore dollars, inclusive of income support. The deal allowed Keppel Land to reinvest its funds into higher return-generating projects.

Xinren Aluminium Holdings Limited fell 2 percent to 50 Singapore cents. It announced that its subsidiary has bought a 55 percent stake in Xinjiang Tianfu Coal Mining for 88.6 million Chinese yuan. The purpose of the purchase is to ensure that Xinren Aluminium has its own source of coal and help it to lower its cost of production.

Giken Sakata (S) Limited shed 4.3 percent to 33 Singapore cents. It announced that it has signed 2 new Cooperation Agreements. These two agreements grant the right to manage old oil wells in 2 regions in Central Java of Indonesia for a share of the oil production revenue. The first is to manage 24 old oil wells in the District of Trembul, Blora Regency. The second is to manage 46 old oil wells in the District of Gabus, Grobogan Regency.

Among top gainers, Jardine Matheson rose 0.3 percent to 62.40 U. S. dollars, while Jardine Strategic became one of the top losers by falling 0.4 percent to 36.27 U.S. dollars. (1 U.S. dollar equals to 6.146 Chinese yuan and 1.27 Singapore dollars) Endi

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