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Singapore stocks: STI resumes Friday afternoon up 0.62% on day

SINGAPORE stocks built on their morning gains as trading resumed on Friday afternoon, with the Straits Times Index advancing 0.62 per cent or 19.74 points on the day to 3,211.95 as at 1.04pm.

Gainers outnumbered losers 186 to 101, after 518 million securities worth S$441.7 million changed hands.

Among the most active securities, Tritech Group lost S$0.007 or 16.3 per cent to S$0.036 with 47.6 million shares traded after it proposed a share placement of up to 110.8 million new shares at S$0.0388 apiece to raise around S$4.2 million in gross proceeds for use as working capital.

Units of Mapletree North Asia Commercial Trust (MNACT) were down S$0.01 or 0.9 per cent to S$1.14 after 12.2 million shares changed hands.

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This comes after credit rating agency Moody’s Investors Service changed its outlook on MNACT to negative from stable to reflect the uncertainty surrounding the earnings and operating performance of its largest asset, the Festival Walk mall in Hong Kong.

Rex International gained S$0.006 or 3.9 per cent to S$0.16 after 40.8 million shares were traded.

Singtel was up S$0.06 or 1.8 per cent to S$3.32 following news early this week that its India associate Bharti Airtel will raise mobile tariff hikes earlier than expected. DBS Equity Research had on Friday upgraded the telco to a "buy" rating from a "hold".

The three local banks were all in the green, with DBS up S$0.04 or 0.2 per cent to S$25.68, UOB advancing S$0.10 or 0.4 per cent to S$26.16, and OCBC gaining S$0.03 or 0.3 per cent to S$10.97.

Other Asian markets also rose as a sense of optimism returned to trading floors after a report said China's point man on the US tariffs talks had offered to host a meeting to help push through their crucial mini pact.

Hong Kong rose 0.6 per cent, Shanghai added 0.7 per cent and Tokyo went into the break 0.6 per cent higher.

Sydney rose 0.6 per cent, Seoul gained 0.3 per cent and Taipei was up 0.1 per cent. However, Wellington, Manila and Jakarta were in the red.