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Singapore: Stocks trade higher on Monday

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SINGAPORE'S stock markets were up 21.6 points or 0.79 per cent on Monday morning, following gains from US on Friday and Tokyo markets on Monday.

As at 10.21 am, the Straits Times Index (STI) was at 2,752.4.

Some 265.1 million shares worth S$214.7 million had changed hands, with gainers outnumbering losers 146 to 82.

Volume was led by vessel provider Vallianz Holdings (up 4.9 per cent to S$0.043), after it reported a 1.6 per cent drop in net profit to US$4.9 million, while revenue fell 18.8 per cent to US$49.3 million in Q1. It also announced a time charter contract valued at up to US$63 million for the supply of two vessels to a national oil company in the Middle East.

Noble also traded with high volume (up 1.2 per cent to S$0.41), despite Fitch Ratings on Friday saying that it was placing the commodity trader on a negative rating watch, as Noble turns to shorter-term and secured financing to reduce financing costs.