Singapore stocks close 0.13% higher

Singapore shares closed 0.13 percent higher on Wednesday, as investors waited for U.S. non-farm payrolls report. The U.S. non-farm payrolls report on Friday is likely to confirm market views that the Federal Reserve will maintain its extremely accommodative monetary policy, which has underpinned investor sentiment all year. SIAS Research said "we could see the index consolidating around current levels with the immediate support established at 3,300 points with resistance pegged at 3,318 points and 3,370 points." UOB KayHian Research said "Traders could be taking the opportunity to take profit off the table because we still have the Bank of Japan meeting and if the central bank disappoints by not buying a large amount of bonds, the market could fall." The benchmark Straits Times Index rose 4.18 points to close 3, 321.77 points. Trading volume was 3.28 billion shares worth 1.42 billion Singapore dollars. Decliners outnumbered advancers 223 to 216, while 511 stocks closed unchanged. SembCorp Marine dropped 0.7 percent to 4.40 Singapore dollars. OCBC Investment Research cut its target price on Sembcorp Marine to 5.64 Singapore dollars from 5.84 Singapore dollars with a 'buy' rating, citing lower margin assumptions for the next two years. Boustead Singapore said it sold its entire shareholding of 50 million shares in OM Holdings Limited, an integrated manganese mining company, for 19.4 million U.S. dollars. KSH Engineering Construction, a subsidiary of KSH Holdings, won a 60 million Singapore dollars construction contract from Singapore's Jurong Town Corporation. Among the top gainers, UOB jumped 1.9 percent to 20.77 Singapore dollars, while STXPO became one of the top losers by sinking 7 percent to 4.36 Singapore dollars. (1 U.S. dollar equals to 1.23 Singapore dollars)