Singapore equities end the week on a positive note

SINGAPORE - Local equities continued to make positive strides on Friday (July 14), as sentiment in the region stayed buoyant thanks to US Federal Reserve chair Janet Yellen's dovish statement.

The benchmark Straits Times Index (STI) advanced firmly by 51.76 points, or 1.6 per cent, to 3,287.43 - its highest in about two years, and up 58.42 points or 1.8 per cent for the week.

A total of 1.97 billion shares worth S$1.78 billion changed hands across the bourse.

These gains came on the back of Wall Street's 0.1 per cent overnight rise, after Dr Yellen reiterated her stance on raising interest rates gradually.

Sentiment was also likely helped by economic growth numbers that showed Singapore dodged a recession.

Warehouse provider Global Logistic Properties made huge waves in the market, rocketing 21.9 per cent or 59 cents to S$3.29 in heavy trade, after it announced it has picked the S$3.38 per share acquisition offer from a Chinese consortium.

United Engineers (UE), another takeover target, sank 1.5 per cent or four cents to S$2.67, following news on Wednesday that a consortium led by Perennial Real Estate Holdings and Yanlord Land Group has bought a 33.5 per cent stake in the firm at S$2.60 a share.

The consortium plans to make a mandatory general offer for the rest of UE at the same price.

Perennial gained 1.7 per cent or 1.5 cents to 90 cents, while Yanlord Land eased 0.6 per cent or one cent to S$1.715. OCBC Bank, one of the parties involved in selling the stake, rose 1.3 per cent or 14 cents to S$11.05.

Outside of the blue chips, Alliance Mineral Assets requested for a trading suspension on its stock in the morning, as it needed more time to provide updates on the Bald Hill Project. The counter last traded on Tuesday at 30 cents.

Elsewhere in Asia, markets were marginally higher. Hong Kong extended gains with a 0.16 per cent increase, while Shanghai added 0.13 per cent and Tokyo climbed 0.1 per cent.