SINGAPORE, Dec. 9 (Xinhua) -- Singapore shares closed 0.62 percent higher on Wednesday, as prospects for mass vaccination in Britian and possibility of further fiscal stimulus in the United States boosted market sentiment.
The U.S. markets climbed to fresh records on Tuesday amid renewed optimism on the fiscal stimulus front including a push from the Republicans to put aside some issues to ensure passage of at least partial relief bill by Christmas.
Meanwhile, crude oil prices were almost flat after the EIA cut their 2021 global crude oil demand growth forecast.
MayBank-Kim Eng Retail Research said, "Technically, the Straits Times Index could continue to consolidate with near-term support at 2,793 points and overhead resistance at the 2,892 points breakdown gap."
Singapore's benchmark Straits Times Index rose 17.44 points to 2,843.07 points. Trading volume was 1.56 billion shares worth 1.18 billion Singapore dollars (about 883 million U.S. dollars). Advancers outnumbered decliners 241 to 210.
Keppel Infrastructure Trust rose 0.91 percent to 55.5 Singapore cents. It is acquiring an 80 percent stake in Philippine Coastal Storage and Pipeline Corporation (PCSPC), the largest petroleum products import storage facility in the Philippines for 267 million U.S. dollars. Its partner, Metro Pacific Investments Corporation, will take the remaining 20 percent stake, with a proposed call option to raise it to 30 percent.
The facility comprising three tanks farms and one marine terminal in Subic Bay Freeport Zone, will have 86 tanks with storage capacity of about six million barrels by early 2021, making up about 36 percent of the total import terminal storage capacity in the Philippines. Its customer base includes a government agency, oil and gas majors, multinational corporations and domestic gasoline retailers, most of which are on take-or-pay contracts. The deal will be funded by cash, a two-year bridge facility and proceeds from a six-year non-recourse loan.
Among top gainers, Jardine Cycle and Carriage rose 0.3 percent to 20.07 Singapore dollars, while Jardine Strategic became one of the top losers by falling 0.87 percent to 26.15 U.S. dollars. (1 U.S. dollar equals 1.34 Singapore dollars) Enditem
