Singapore stocks end up 0.09%

Singapore shares closed 0.09 percent up on Tuesday, as investors treaded carefully ahead of U.S. Federal Reserve's policy meeting.

The outcome of the meeting will be known later Wednesday. Most investors expect that the Federal Reserve will leave interest rates unchanged at the end of its two-day meeting, so their focus is on the policy statement as well as Chair Janet Yellen's speech for clues on the timing of the central bank's next interest rate increase.

U.S. stock indices gave up early session gains on Monday to end marginally down as expectations grew that the Federal Reserve will turn more hawkish and guide for a December rate hike.

Singapore's benchmark Straits Times Index inched up 2.55 points to 2,854.69 points. Trading volume was 1.4 billion shares worth 928 million Singapore dollars. Decliners outnumbered advancers 204 to 178, while 516 stocks did not move.

Chiwayland International shed 2.4 percent to 12 Singapore cents. It has won the bid for the land-use rights of a land parcel located at East to Jinkui Park, Taihu New Town, Wuxi in Jiangsu Province of China. The land parcel comprises of a site area of approximately 73,351 square meters. The bidding is part of the group's ongoing efforts of participating in auctions for prospective land to build up its land bank, and will enable the group to sustain its scale and presence in China.

Aztech Group soared 27.7 percent to 41.5 Singapore cents. Its chairman and chief executive officer Mun Hong Yew is offering 42 Singapore cents per share to privatize the multi-industry company, valuing it at more than 20 million Singapore dollars. Together with other concerted parties, Mun controls just over a quarter of the company. The offer price of 42 Singapore cents is at a 29.2 percent premium over the last transacted price of 32.5 Singapore cents on Sept. 16. However, the offer price is 13.2 percent below the volume weighted average price of the preceding 12-month period of 48.4 Singapore cents.

Among the top gainers, Jardine Matheson rose 2.6 percent to 62.50 U.S. dollars, whereas Hong Kong Land became one of the top losers by falling 2.7 percent to 6.95 U.S. dollars. (1 U.S. dollar equals to 1.36 Singapore dollars)

Source : XINHUA