SINGAPORE, June 26 (Xinhua) -- Singapore shares closed 0.61 percent higher on Tuesday, but market sentiment remained fragile amid heightening global trade tensions.
The threat of U.S. trade and investment restrictions against China and key partners triggered a global selloff, with technology stocks suffering from the heaviest selloff.
Maybank-Kim Eng Research said technically, Strait Times Index may head towards the crucial support area at 3,200 points, while upside will be capped by former support-turned-resistance at 3,280 points.
Singapore benchmark Strait Times Index rebounded 20.03 points to 3,280.87 points. Trading volume was 1.81 billion shares worth 1.12 billion Singapore dollars. Decliners outnumbered advancers 210 to 184.
Keppel Corporation fell 0.8 percent to 7.09 Singapore dollars. It is divesting a 30-percent stake in Vietnamese developer Quoc Loc Phat JSC (QLP) for 42 million Singapore dollars. It expects to recognize a gain of 13 million Singapore dollars from the partial sale. It also intends to divest its remaining indirect 15 percent interest in QLP at a later stage.
Stamford Tyres shed 1.5 percent to 32.5 Singapore cents. It reported fourth-quarter net profit plunged 78.1 percent to 600,000 Singapore dollars, dragged by higher operating expenses and lower joint-venture contribution. For the full year, its net profit dropped 36 percent to 5.2 million Singapore dollars, but revenue rose 2.8 percent to 242.4 million Singapore dollars mainly attributable to new sales in North Asia.
Among top gainers, UOB Group rose 1.4 percent to 26.60 Singapore dollars, while Great Eastern Holdings became one of the top losers by falling 1 percent to 29.40 Singapore dollars. (1 U.S. dollar equals to 1.36 Singapore dollars)
