Singapore stocks end up 0.27 pct on Thursday

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SINGAPORE, March 25 (Xinhua) — Singapore shares closed 0.27 percent higher on Thursday, buoyed by optimism about economic recovery amid more vaccine rollouts and relaxation of health protocols governing people working in office.

U.S. markets fell on Wednesday with technology shares leading the losers as the Treasury bond yield recovered after Federal Reserve Chairman Jerome Powell said at virtual Capitol Hill testimony that he expected the economy to experience superior growth this year.

Meanwhile, crude oil prices dropped in Asia due to a strengthening U.S. dollar, helped by the U.S. Treasury bond yields recovering from one-week lows and growing concern over the economic impact from COVID-19 upon Europe.

MayBank-Kim Eng Retail Research said, “technically, the Straits Times Index appears to be consolidating with its next resistance level at 3,180 points, while near-term support level lies at around 2,900 points area.”

Singapore’s benchmark Straits Times Index rose 8.4 points to 3,141.71 points. The trading volume was 1.61 billion shares worth 1.65 billion Singapore dollars. Advancers outnumbered decliners 250 to 219.

Manulife US REIT fell 0.69 percent to 71.5 U.S. dollars. It obtained a 250 million U.S. dollar unsecured sustainability-linked loan from the DBS and OCBC banks, with both banks acting as sustainability advisors for the transaction. This is its first sustainability-linked loan, which incorporates interest rate reductions linked to predetermined sustainability performance targets.

Among top gainers, DBS Group Holdings rose 0.71 percent to 28.5 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.78 percent to 65.52 U.S. dollars. (1 U.S. dollar equals 1.35 Singapore dollars) Enditem

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