Singapore stocks end up 0.31%

Singapore shares closed 0.31 percent higher on Thursday, after U.S. Federal Reserve Chairman Ben Bernanke pledged to keep monetary policy easy for the foreseeable future. Although Bernanke stuck to a timeline that he first outlined in June to wind down the Federal Reserve's 85 billion U.S. dollars a month bond-buying program, he went out of his way to stress that nothing was confirmed. Market sentiment was dented by U.S. Intel Corp's dismal annual revenue forecast and capital spending cuts, citing softer personal computer sales and weakness in China, one of its biggest markets. SIAS Research said "we could see the index stage a rebound to test the 3,250 points resistance level with support established at the 3,200 points psychological level." Phillip Securities Research also said "we expect the Straits Times Index to consolidate at current levels, with key near term support at 3,200 points levels." Singapore's benchmark Straits Times Index rose 9.87 points to 3, 218.20 points. Trading volume was 3.37 billion shares worth 1.10 billion Singapore dollars. Advancers slightly outnumbered decliners 216 to 210, while 527 stocks did not move. Keppel Land rose 2 percent to 3.64 Singapore dollars. The Singapore property developer reported second-quarter net profit of 95.5 million Singapore dollars, less than 1 percent higher than a year earlier. The company said Singapore's property market remained "resilient", while in China, it sold about 1,940 residential units in the first half of 2013, surpassing 2012's full year sales of about 1,650 units. COSCO Corporation inched up 1.4 percent to 73.5 Singapore cents. The Singapore-listed Chinese shipbuilder said it had secured a contract worth more than 200 million U.S. dollars from Mexican client COTEMAR S.A. De C.V. to build a semi-submersible accommodation vessel. Among top gainers, Jardine Matheson rose 1.3 percent to 59.09 U. S. dollars, while Jardine Cycle and Carriage became one of the top losers by falling 1 percent to 40.45 Singapore dollars. (1 U.S. dollar equals to 1.27 Singapore dollars)