Singapore shares closed 0.64 percent higher on Friday, following solid global economic data boosted investor appetite for stocks.
U.S. factory activity grew the most in nearly two years in January and the number of new claims for jobless benefits dropped to a five-year low last week, while a business survey data from Germany showed its private sector expanding at its fastest pace in a year this month.
CIMB Research said "prices are likely to try to push higher and test the channel resistance band around the 3,250 points and 3,273 points levels. A breakout may see prices test the long term key resistance at 3,313 points but we are not so optimistic about it."
SIAS Research said "in the coming session we expect the index to extend gains, with resistance pegged at the 3,270 points and support established at 3,235 points and 3,200 points."
Singapore's benchmark Straits Times Index rose 20.92 points to 3,269.31 points. Trading volume was 3.13 billion shares worth 1.78 billion Singapore dollars. Advancers outnumbered decliners 296 to 174, while 490 stocks did not move.
Keppel Corporation rose 1 percent to 11.45 Singapore dollars. The world's largest oil rig builder reported a 22 percent drop in fourth-quarter net profit to 305 million Singapore dollars, in line with market estimates. Keppel also proposed a final cash dividend of 27 Singapore cents per share and the distribution of one Keppel REIT share for every five shares held worth 27.4 Singapore cents per share.
Maybank Kim Eng Research maintained "buy" rating on Keppel and target price of 12.80 Singapore dollars, citing strong offshore and marine outlook for 2013. The research house said despite conservative management guidance, it expects productivity and efficiency gains to contribute to a higher operating margin of 14. 2 percent for Keppel's offshore and marine business this year. The offshore and marine unit is set to deliver a record 22 new units this year.
Mapletree Commercial Trust inched up 1.2 percent to 1.23 Singapore dollars. It said its third quarter distributable income rose 17.1 percent to 31.2 million Singapore dollars, helped by revenue growth of its assets.
Among top gainers, Jardine Cycle and Carriage rose 3 percent to 52.25 Singapore dollars, while UOB became one of the top losers by falling 0.8 percent to 18.86 Singapore dollars. (1 U.S. dollar equals to 1.23 Singapore dollars)
