Singapore shares closed 0.45 percent higher on Tuesday, as investors shrugged off weakness in Wall Street overnight. U.S. stock markets fell overnight after trading resumed following the Christmas break, but trading activity is expected to remain thin until after the long New Year holiday weekend.
Meanwhile, prices of both Brent and U.S. crude dropped more than 3 percent overnight, reversing a brief rebound last week. Brent crude futures hovered near an 11-year low of 35.98 U.S. dollars per barrel struck last week.
Singapore's benchmark Straits Times Index rose 12.9 points to 2, 888.22 points. Trading volume was 724 million shares worth 482 million Singapore dollars. Advancers outnumbered decliners 222 to 155, while 545 stocks did not move. Singapore Airlines rose 0.6 percent to 11.19 Singapore dollars.
The Singapore air carrier and its concert parties said they have acquired 74.5 percent or 1.86 billion Tiger Airways shares as of Monday. This is short of the 90-percent stake it requires to take the budget airline private.
On Monday, Singapore Airlines said it was extending by more than a week the deadline to buy out all the shares in Tiger Airways. Shareholders of Tiger Airways will now have until Jan. 8 to decide whether to accept Singapore Airlines' offer to pay 41 Singapore cents a share.
Oxley Holdings Limited gained 1.1 percent to 45 Singapore cents. It has accepted an unsolicited offer for the Chiba Port Square in Chiba Prefecture, Japan, for 60 million U.S. dollars.
A memorandum of understanding was entered into by the group on Dec. 25 with Greenland Hong Kong Investment Group and Japanese tax-free store chain operator LAOX. Under the pact, Oxley will sell to the duo its interests in Godo Kaisha Oxley Chiba (GKOC), which holds the beneficiary interest in the Chiba Port Square and the loan that was granted to GKOC.
Among the top gainers, Jardine Matheson rose 0.5 percent to 47. 90 U.S. dollars, whereas Venture Corporation became one of the top losers by falling 0.9 percent to 8.11 Singapore dollars. (1 U.S. dollar equals to 1.41 Singapore dollars)
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