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Singapore shares close higher in low volume
WITH Hong Kong and China closed for a public holiday, volume here dwindled to its lowest in two weeks at 1.4 billion units worth S$743 million on Monday. The Straits Times Index, which dropped 54 points on Thursday and Friday, managed a 16.86-point rebound to 2,835.35, led mainly by Singtel and two banks. Excluding warrants, the advance-decline score was 200 to 182.
Turnover done in the 30 index components was S$497 million, which was 67 per cent of the whole market's business. The June Dow futures traded about 25 points in the black, helping to support sentiment in the absence of direction from Hong Kong and China.
Among the day's actives was Rickmers Maritime, a business trust that owns and operates container ships. The counter shot up S$0.03 or 36 per cent to S$0.113 on volume of 105.3 million, drawing a morning query from the Singapore Exchange. The trust had not replied before trading ended at 5pm.
Global Logistic Properties (GLP) rose S$0.05 to S$1.985 on volume of 23.8 million. OCBC Investment Research noted that GLP recently announced that it has signed a 15,000 sq m (161,000 sq ft) lease with Akachan House at GLP Narita in Greater Tokyo. The broker maintained a "buy" on the stock with an unchanged fair value of S$2.68.