Singapore stocks end up 0.29%

Singapore shares closed 0.29 percent higher on Friday, as investors bought shares after dismal U.S. data had heightened expectation that U.S. Federal Reserve will not raise interest rate anytime soon.

A larger-than-expected 11.4 percent drop in U.S. new home sales in March, together with disappointing global factory data, rekindled doubts about whether the U.S. economy is strong enough for the Federal Reserve to raise interest rates this year .

However, trading mood was cautious due to the recent volatility in China and China's Hong Kong bourses. China stocks slipped on Friday after the country's securities regulator said it would accelerate approval of initial public offerings in an apparent effort to cool the red hot market.

Singapore's benchmark Straits Times Index rose 10.25 points to 3,513 points. Trading volume was 1.87 billion shares worth 1.31 billion Singapore dollars. Advancers outnumbered decliners 270 to 182, while 472 stocks did not move.

Suntec REIT rose 0.3 percent to 1.855 Singapore dollars. It reported first-quarter revenue grew 13 percent to 74 million Singapore dollars, and net property income of 51 million Singapore dollars was 17 percent higher, due to the opening of Suntec City Phase 2 and stronger performance from Suntec Singapore. It declared distribution per unit of 2.23 Singapore cents.

Global Logistic Properties closed flat at 2.74 Singapore dollars. It announced that its GLP Japan Development Venture will sell GLP Kobe-Nishi to GLP J-REIT for approximately 60 million U.S. dollars. The sale crystallizes a 38 percent development value creation margin for the Venture within 14 months,

Separately, Global Logistic Properties has signed a new agreement with Carrefour, a leading global retailer, to lease 48, 000 square meters in Midwestern China. Carrefour will use the facilities to enhance its distribution capability in Midwestern and Southwestern China.

Among top gainers, Jardine Cylce and Carriage rose 1.7 percent to 43.08 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.2 percent to 61.48 U.S. dollars. (1 U. S. dollar equals to 1.34 Singapore dollars)