Singapore stocks end higher

Singapore, Sep 30 (IANS) Singapore shares closed 0.11 percent higher on Wednesday, as investors waited for official China manufacturing data due on Thursday.

The official manufacturing purchasing managers index (PMI) will be released when both China’s Hong Kong and mainland markets will be closed for a public holiday celebrating the 66th anniversary of the founding of the People’s Republic of China, Xinhua news agency reported.

Market in average forecast the official PMI in September to be 49.7, the same as in August.

Released last week, the flash Caixin manufacturing PMI for September had hit a six-and-a-half-year low of 47.0.

Meanwhile, the US stocks ended slightly higher overnight after the Swiss mining and trading giant Glencore gained more than 10 percent. Glencore shares fell to a record low at the start of the week on concerns over the company’s ability to withstand a prolonged decline in prices of metals.

The benchmark Straits Times Index inched up 2.95 points to close at 2,790.89 points. Trading volume was 1.13 billion shares worth 1.34 billion Singapore dollars. Advancers outnumbered decliners 205 to 168, while 561 stocks closed unchanged.

Among top actives, Ezra Holdings shed 3.3 percent to 11.7 Singapore cents. It has entered into a joint-venture agreement with Japanese engineering giant Chiyoda.

Under the share sale and subscription agreement involving the joint venture, Chiyoda is effectively offering $180 mn in cash for a 50 percent stake in the subsea services business.

This will be by way of a restructuring to put the business under a joint-venture company. Chiyoda will buy shares in the joint-venture company from Emas AMC and subscribe for new shares for the half stake. Emas AMC accounts for 70 percent of the group revenue for financial year 2014.

Super Group Limited rose 0.5 percent to 77 Singapore cents. It announced that it has formed a joint venture through its subsidiary Owl International with WA Gourmet Private Limited to distribute Caffe Cagliari, an Italian premium coffee brand, in Asia.

Among the top gainers, Great Eastern Holdings jumped 6.4 percent to 21.30 Singapore dollars, while DBS Group dropped 1 percent to 16.21 Singapore dollars. ($1 equals 1.42 Singapore dollars).

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