Singapore stocks end up 0.68%

Singapore shares closed ni0.68 percent higher on Wednesday, as investors bought on price dips in the morning after U.S. President Donald Trump accused Germany and Japan of devaluing their currencies to gain a trade advantage, triggering worries of global currency war.

Investors shrugged off sharp fall in the U.S. dollar following allegations from Trump that every other country lives on currency devaluation. Instead, they expected the U.S. Federal Reserve will keep interest rates steady when the central bank concludes a two-day meeting later Wednesday.

Singapore's benchmark Straits Times Index rose 20.69 points to 3,067.49 points. Trading volume was 1.9 billion shares worth 1.22 billion Singapore dollars. Advancers outnumbered decliners 270 to 164, while 651 stocks did not move.

Fragrance Group closed flat at 17.5 Singapore cents. It said its newly established wholly owned subsidiary, Fragrance UK-Liverpool, has emerged as the top bidder for a property located on Dale Street, Liverpool, in the United Kingdom.

Jumbo group inched down 0.6 percent to 77.5 Singapore cents. Ang Kiam Meng, executive chairman and Chief Executive Officer of the seafood restaurant group, is relinquishing his role as chairman of the board to focus on the restaurant chain's next stage of growth. Lead independent director Tan Cher Liang will take over as the new independent chairman.

Among the top gainers, Jardine Matheson rose 1.6 percent to 62.68 U.S. dollars, whereas Jardine Strategic became one of the top losers by falling 0.3 percent to 37.95 U.S. dollars. (1 U.S. dollar equals to 1.41 Singapore dollars)

source: Xinhua