SINGAPORE, Dec. 1 (Xinhua) -- Singapore shares closed 0.29 percent higher on Tuesday, as bargain-hunting emerged following earlier losses due to weak Wall Street overnight.
U.S. markets fell on Monday as investors weighed the prospects of risk assets such as equities following hefty gains in November.
Meanwhile, crude oil prices also dropped after Organization of the Petroleum Exporting Countries (OPEC) talks ended without a clear stance on whether to delay an output increase in January.
MayBank-Kim Eng Retail Research said "technically, the Straits Times Index has formed a dark cloud pattern, signaling a bearish trend reversal with next downside support at the 2,764 points breakaway gap and overhead resistance at 2,960 points."
Singapore's benchmark Straits Times Index rose 8.17 points to 2,814.12 points. Trading volume was 2.35 billion shares worth 1.34 billion Singapore dollars. Advancers outnumbered decliners 250 to 197.
Yangzijiang Shipbuilding rose 4.55 percent to 92 Singapore cents. It secured new orders for nine vessels worth 226 million U.S. dollars, for delivery in late 2021 and 2022. These comprise one 2,700-TEU containership, four 2,400-TEU containerships, two 1,800-TEU containerships and two 59,000 DWT dry bulkers, of which the two 1,800-TEU containerships are part of options exercised by SITC International Holdings and the two bulkers are for Shanghai Baosteel Shipping. This brings the new order wins year-to-date to 1.26 billion U.S. dollars for 43 vessels, excluding options.
Among top gainers, Jardine Cycle and Carriage rose 1.55 percent to 19.71 Singapore dollars, while OCBC Bank became one of the top losers by falling 0.89 percent to 9.99 Singapore dollars.(1 U.S. dollar equals 1.34 Singapore dollars)