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Singapore shares rise on healthy earnings

Singapore shares rise on healthy earnings

Singapore shares rose Wednesday, helped by generally healthy quarterly earnings, but traders said the market may struggle to find new positive cues.
The Straits Times Index closed up 56.52 points, or 1.7 percent, at 3,417.81 with gainers outnumbering decliners 491 to 312 on the broader market.
Volume rose to 3.35 billion shares from Monday's 2.3 billion. The market was closed Tuesday for a public holiday.
Some market participants said institutional investors are staying out of the market as they are concerned a fall on Wall Street or weak U.S. economic data could spark a major correction for Asian equities.
Property developer Keppel Land rose 7.9 percent to S$9.55, buoyed by expectations the city-state's property market recovery will continue to drive strong earnings and helped by Macquarie Research's upgrade of the stock to Neutral from Underperform.
Offshore oil rig builder SembCorp Marine rose 3.3 percent to S$3.74 ahead of first quarter results that were released after the market closed.
The company reported an 81 percent rise in net profit to S$73.7 million, as high oil prices fueled oil exploration and demand for offshore oil rigs.
MP3 player maker Creative Technology closed flat at S$9.10 after reporting a third quarter loss of $23.6 million. The company said it aims to return to profit in the second half of calendar 2007.


Updated : 2021-02-27 02:50 GMT+08:00