Roundup: Singapore stocks end up 0.33 pct
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E-mail Xinhua, February 23, 2021
SINGAPORE, Feb. 23 (Xinhua) -- Singapore shares closed 0.33 percent higher on Tuesday, as investors shrugged off concerns of climbing U.S. Treasury bond yields and instead took comfort in more reopening of economy in many parts of the world.
U.S. markets fell on Monday amid a spike in Treasury bond yields that has rekindled inflation concern. Technology shares remained a major laggard on fund rotation back to "re-opening of economy" stocks.
While vaccine rollouts and a likely U.S. federal spending bill have prompted economists to ratchet up their 2021 growth forecasts, they also fueled inflation worries and sending Treasury bond yields higher.
MayBank-Kim Eng Retail Research said, "Technically, the Straits Times Index may test its near-term support level at 2,840 points, while initial resistance still lies at the 2,950 point breakdown gap."
Singapore's benchmark Straits Times Index rose 9.49 points to 2,890.7 points. The trading volume was 2.95 billion shares worth 1.55 billion Singapore dollars. Advancers outnumbered decliners 236 to 225.
City Development Limited rose 1.94 percent to 7.34 Singapore dollars. It acquired from Sincere Property's three entities a total of 84.6 percent equity interest in Shenzhen Tusincere Technology Park Development for 850 million Chinese yuan. It will also assume existing shareholders' loan proportionately, while Sincere will continue to hold the balance of 15.4 percent equity interest in the holding company.
The combined transaction will accord the group an effective 55 percent stake in a technology park in Shenzhen which has been independently valued at 8.8 billion Chinese yuan. The technology park is located at the technology hub of the Greater Bay Area in southern China developing 413,634 square meters of gross floor area over four phases.
Among top gainers, DBS Group Holdings rose 0.23 percent to 25.66 Singapore dollars, while Venture Corporation became one of the top losers by falling 1.25 percent to 19.8 Singapore dollars. (1 U.S. dollar equals 6.46 Chinese yuan and 1.32 Singapore dollars) Enditem
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