Singapore shares closed 0.4 percent higher in half-day trading ahead of the Christmas holiday, buoyed by surprisingly robust U.S. economic growth.
Investors cheered revised data showing the U.S. economy grew at a 5.0 percent in the third quarter, its quickest pace in 11 years and the strongest sign yet that growth has decisively shifted into higher gear.
Phillip Securities Research said the Singapore bourse is likely to find resistance at 3,350 points and 3,390 points, whereas downside supports will be at 3,250 points, 3,200 points, 3,150 points and 3,060 points.
Voyage Research said "we would expect the Straits Times Index to stay above 3,300 points for the rest of the week due to lower liquidity on holiday season."
The benchmark Straits Times Index rose 13.40 points to close at 3,345.91 points. Trading volume was 620 million shares worth 476 million Singapore dollars. Advancers outnumbered decliners 210 to 109, while 622 stocks closed unchanged.
Boustead Singapore Limited jumped 4.7 percent to 1.795 Singapore dollars. It announced plans to de-merge its industrial real estate business. It will restructure its real estate business under Boustead Projects Private Limited, and redistribute up to 49 percent of the shareholdings in Boustead Projects to its shareholders via a distribution in specie.
After the distribution, Boustead will then list Boustead Projects on the Singapore Exchange by way of an introduction. The proposed transaction is now subject to shareholders' approval.
Atlantic Navigation Holdings (Singapore) Limited closed flat at 36 Singapore cents. It announced that it has acquired a new anchor handling tug supply (AHTS) vessel for about 12 million U.S. dollars through a subsidiary. The delivery of the vessel is expected in January 2015 in United Arab Emirates. This brings Atlantic Navigation's fleet size to 16 offshore support vessels. Separately, Atlantic Navigation also extended the charter for two of its vessels. One is a jack-up accommodation barge in Abu Dhabi and the other is an AHTS in Africa.
Among the top gainers, DBS Group rose 0.6 percent to 20.20 Singapore dollars, whereas UOB became one of the top losers by falling 0.5 percent to 24.36 Singapore dollars. (1 U.S. dollar equals to 1.32 Singapore dollars)