Singapore stocks end up 0.19%

Singapore shares closed 0.19 percent higher on Monday, as investors took comfort on the Group of 20's latest commitment to spur faster global growth. The final weekend communique from the two-day meeting of G20 finance ministers and central bankers in Sydney said they would increase investment and employment, generating more than 2 trillion U.S. dollars in additional output over five years while creating tens of million of new jobs, signaling optimism that the worst of crisis-era austerity was past. Investors now wait for U.S. Federal Reserve Chair Janet Yellen to speak to the Senate panel on Thursday, when she will give the second part of her comments on monetary policy. She had already reassured Wall Street with her testimony on Feb.11 to the House Financial Services Committee that the Federal Reserve would not make any changes to its schedule for trimming its stimulus. Meanwhile, euro-zone inflation data this Friday will indicate whether the European Central Bank has enough ammunition to ease monetary policy at its next meeting on March 6. The benchmark Straits Times Index rose 5.91 points to close at 3,105.84 points. Trading volume was 1.91 billion shares worth only 904 million Singapore dollars. Decliners outnumbered advancers 235 to 200, while 505 stocks closed unchanged. DBS Group Research said "we see no change to our view that the Straits Times Index should be capped at 3,150 points," adding that "any pullback should be halted at 3,030 points and 3,050 points." Phillip Securities Research said "mixed macroeconomic data coupled with a potential turning down of short term technical indicators suggest a wait-and-see trading attitude at the moment." CIMB Research also said "we are neutral to slightly bearish on the Straits Times Index at the moment. Above 3,154 points would allow for a more bullish short term interpretation. So, we expect at least a pullback to the 3,025 points and 3,068 points range." Singapore Land Limited soared 11.5 percent to 9.42 Singapore cents. UIC Enterprise intends to make a voluntary unconditional cash offer for all issued and paid-up ordinary shares in Singapore Land. The said offer price is 9.40 Singapore dollars in cash for each offer share. Global Logistic Properties gained 0.7 percent to 2.81 Singapore dollars. It has signed a strategic partnership agreement with Sinotrans Logistics to develop a national network of logistics facilities across China. The partnership enhances Global Logistic Properties' access to strategic land holdings and strengthens its position as the top logistics solution provider in China. Among the top gainers, Jardine Cycle and Carriage rose 1.2 percent to 39.10 Singapore dollars, while Jardine Strategic became one of the top losers by falling 0.9 percent to 32.90 U.S. dollars. (1 U.S. dollar equals to 1.26 Singapore dollars