SINGAPORE, Oct. 2 (Xinhua) -- Singapore shares closed 1.31 percent higher on Monday, buoyed by upbeat economic data from China.
The official Purchasing Managers' Index (PMI) released on Saturday rose to 52.4 in September, from 51.7 in August. The growth in September is at the fastest pace since 2012 as factories cranked up output to take advantage of strong demand and high prices.
Meanwhile, speculation is rift in Wall Street that U.S. President Donald Trump might choose former Federal Reserve Governor Kevin Warsh to head the Federal Reserve. Warsh is considered more hawkish than current chair Janet Yellen so his appointment might lead to faster hikes in interest rates.
Maybank-Kim Eng Research said momentum indicators are improving but the Strait Times Index needs to move above 3,250 points to break out of its downtrend channel.
Singapore benchmark Strait Times Index jumped 42.19 points to 3,262.1 points. Trading volume was 1.3 billion shares worth 906 million Singapore dollars. Advancers outnumbered decliners 259 to 139.
Global Logistic Properties rose 0.3 percent to 3.31 Singapore dollars. It acquired leading European logistics platform Gazeley, which owns logistics facilities across four countries in Europe for 2.8 billion U.S. dollars. These are located in U.K., Germany, France and Netherlands. The acquisition will be funded via cash, existing credit facilities and new debt. Global Logistic Properties intended to syndicate its stake in the target portfolio as part of its long-term strategy of growing its fund management platform.
Sunpower Group Limited shed 3.3 percent to 59.5 Singapore cents. It proposed to acquire a minimum 70 percent stake in Xintai Zhengda Thermoelectric, which provides steam and heat to industrial enterprises and residents, as well as supply electricity to local grid in Xintai City, Shandong, China. Consideration amount is pending an independent valuation report, and will be updated in due course.
Among top gainers, Jardine Cycle and Carriage rose 0.9 percent to 39.68 Singapore dollars, while Dairy Farm International became one of the top losers by falling 2.2 percent to 7.52 U.S. dollars. (1 U.S. dollar = 1.36 Singapore dollars)
