Singapore stocks yesterday reversed the previous day's losses as United States economic data topped expectations and tensions eased on the trade front.
The Straits Times Index gained 12.22 points, or 0.39 per cent, to close at 3,155.46, in line with most Asian markets.
Gainers outnumbered losers 225 to 146, although activity remained subdued. Total turnover was $909.82 million with 807.03 million shares traded.
The cautious optimism comes as Chinese importers bought 600,000 tonnes of US soya beans following last week's trade negotiations between the two economic powerhouses.
But traders remain on edge.
"Risk markets are not exactly jumping up and down with joy on Beijing's soya bean concession, knowing President (Donald) Trump's latest 'not interested in an interim deal' trade stance," said Mr Stephen Innes, Asia-Pacific market strategist at AxiTrader. "Mind you, that too could change as quickly as it happened."
On the local bourse, some of the biggest advances came from Jardine Cycle & Carriage, Singapore Exchange and Shinvest Holding.
Jardine C&C closed at $30.95, up 1.7 per cent. The conglomerate announced that it would be launching a public tender offer to acquire up to 10.11 per cent of shares in Vietnam-based Refrigeration Electrical Engineering Corporation.
Other gains came from Metech International and Keppel Corporation. Catalist-listed Metech rose 20.4 per cent to 17.1 cents, following news that its wholly owned Chinese unit, Nolash Tech, has inked agreements with five companies to exclusively provide technical, operation and procurement services.
Keppel Corp said its property arm is looking to buy a 30 per cent stake in Win Up Global, which will ultimately own Westmin Plaza, an office and retail development in Guangzhou. News of the deal boosted its share price by 1.7 per cent to $6.14.
Among the most active counters, TEE International added 4.7 per cent to 4.5 cents, with over 24 million shares changing hands. The group is being investigated for unauthorised transactions totalling $6.55 million allegedly made under the instruction of group chief executive Phua Chian Kin.
Yangzijiang Shipbuilding saw close to 28 million of its shares changing hands. The counter put on 2 per cent to $1.03, making it one of the largest gainers among the index constituents.
