Singapore stocks end up 0.56% following rally in US markets

Singapore shares closed 0.56 percent higher on Thursday, although investors were still cautious ahead of key events including the European Central Bank meeting and the U.S. non-farm payrolls report loomed. Also unsettling investors was the Portuguese government which is struggling to survive following the resignations of its foreign minister and finance minister this week. The resignations could deprive the government of a majority in parliament, and the chaos may spill over to neighboring countries and raise borrowing costs. SIAS Research said "with today's tone likely to moderate into a more neutral mode, we could see the index consolidating around current levels with the immediate support established at 3,100 points psychological level." Singapore's benchmark Straits Times Index rose 17.63 points to 3,147.12 points. Trading volume was 1.51 billion shares worth 794. 8 million Singapore dollars. Advancers outnumbered decliners 289 to 138, while 523 stocks did not move. Keppel Corporation rose 1 percent to 10.46 Singapore dollars. The world's largest offshore drilling rig producer won an order for a KFELS B Class jackup rig for 210 million U.S. dollars from PV Drilling Overseas. Meanwhile, Keppel Corporation has acquired a 35 percent stake in PV Drilling Overseas at a consideration of 1 U. S. dollar per share in cash for 350 ordinary shares from Falcon Energy Group Limited. Midas Holdings gained 2.3 percent to 44.5 Singapore dollars. It said it has won a 44.3 million Chinese yuan contract from CNR Changchun Railway Vehicles for two subway lines in the northeastern city of Changchun in China. Jilin Midas, a subsidiary of the company, will supply aluminum alloy extrusion profiles for 44 train sets with delivery expected from 2013 to 2015. Parkway Life Real Estate Investment Trust fell 0.4 percent to 2. 36 Singapore dollars. It plans to acquire two nursing home properties in Japan at a combined price of approximately 23.1 million Singapore dollars. The acquisition, due to be completed by 12 July 2013, is expected to generate a net property yield of 7.1 percent. Among top gainers, Jardine Cycle and Carriage rebounded 0.9 percent to 41. Singapore dollars, while Jardine Strategic became one of the top losers by falling 1.7 percent 36.20 U.S. dollars. ( 1 U.S. dollar equals to 6.131 Chinese yuan and 1.27 Singapore dollars)