Singapore stocks end up 0.33% ahead of key US job data

Singapore shares closed 0.33 percent higher on Friday, as investors waited for the release of U. S. job data in July later in the day. The European Central Bank and the Bank of England both ended policy meetings by leaving interest rates at record lows on Thursday, a day after the U.S. Federal Reserve said the U.S. economy still needed its support and avoided any mention of a change to its stimulus measures. The U.S. Institute for Supply Management index of national factory activity for July rose to its highest level since June 2011, easing concerns a slowdown in emerging economies may take a toll on the U.S. economy. CIMB Research said closing below 3,218 points would confirm further downside, while moving above 3,277 points would likely delay the potential large decline by a week or two. SIAS Research said \"we could see the index testing and potentially overcoming the 3,270 points resistance with support established at 3,230 points.\" The benchmark Straits Times Index gained 10.84 points to close 3,254.13 points. Trading volume was 2.14 billion shares worth 1.29 billion Singapore dollars. Decliners outnumbered advancers 244 to 202, while 510 stocks closed unchanged. Oversea-Chinese Banking Corporation rose 0.8 percent 10.74 Singapore dollars. The second biggest bank of Singapore reported an 8 percent drop in quarterly profit, a below-forecast result after it was hit by lower contributions from its insurance unit. SembCorp Marine sank 3.1 percent to 4.43 Singapore dollars. It reported a 12.5 percent drop in second-quarter net profit. United Overseas Bank inched up 0.6 percent to 21.92 Singapore dollars. The smallest of Singapore\'s three banks beat expectation by reporting a 9.9 percent rise in its second-quarter net profit, boosted by strong fee and commission income. China Aviation Oil (Singapore) Corporation Limited ended flat at 98.5 Singapore cents. The sole importer of jet fuel into China said its net profit in the second quarter fell 6.9 percent on year to 13.4 million U.S. dollars due to a lower contribution from the results of associates. Among the top gainers, DBS Group rose 1.7 percent to 17.54 Singapore dollars, while Jardine Matheson became one of top losers by falling 2.1 percent to 52.57 U.S. dollars. (1 U.S. dollar equals to 1.26 Singapore dollars)