Singapore stocks end up 0.49%

Singapore shares closed 0.49 percent higher on Friday, buoyed by rise in China stocks. Shanghai bourse outperformed the region as liquidity conditions continue to ease, with borrowing costs, or market rates, on track to fall. The interest rates banks charge each other for short-term loans fell to 5.09 percent late Friday from 5.33 percent in the previous session and well below the 8.2 percent level hit a week ago. Meanwhile, U.S. figures out on Thursday underlined the improving outlook for jobs as filings for unemployment benefits took a surprisingly sharp drop to 338,000. Phillip Securities Research said the next resistance for Straits Times Index is at 3,170 points, while immediate supports are at 3,000 points and 2,930 points. Singapore's benchmark Straits Times Index rose 15.40 points to 3,149.76 points. Trading volume was 3.13 billion shares worth 793 million Singapore dollars. Advancers outnumbered decliners 219 to 193, while 527 stocks did not move. Fraser and Neave rose 2.9 percent to 6.38 Singapore dollars. The Singapore conglomerate said late on Thursday it plans to return about 607 million Singapore dollars in cash to shareholders through a capital reduction. The proposed capital reduction, which works out to 42 Singapore cents a share, will take place after next month's divestment of property arm Frasers Centrepoint that will see existing Fraser and Neave shareholders receive shares in Frasers Centrepoint. SingPost rose 0.4 percent to 1.32 Singapore dollars. It announced that its indirect Malaysia subsidiary Collective Developers would be acquiring Axis Plaza in Selangor, Malaysia for 34 million Malaysian ringgits to support its regional operations. Located within Selangor's Temasya Industrial Park, Axis Plaza has a total land area of 5,100 square meters and a current occupancy of 89.27 percent, comprising mainly marketing and distribution companies. HLH Group Limited dropped 4.3 percent to 2.2 Singapore cents. It announced that it has entered into a joint operations agreement with Zhong Fu International Investment (Cambodia) in respect of cultivation, processing and production of cassava at HLH Cambodia' s farmland plantation situated in the Aoral District, Kampong Speu Province of Cambodia. Among top gainers, Jardine Matheson rose 0.8 percent to 51.93 U. S. dollars, while OSIM International became one of the top losers by falling 1.7 percent to 2.27 Singapore dollars. (1 US dollar equals to 3.288 Malaysian ringgit and 1.27 Singapore dollars)