China shares in Singapore turn higher led by Sino Techfibre; trade cautious

SHANGHAI (XFN-ASIA) - China stocks in Singapore turned higher at late morning as investors accumulated select stocks after yesterday's declines. Sino Techfibre led gains.

Dealers said trading remained cautious on inflation concerns after crude oil prices hit new records.

The FTSE/ST China Index was up 3.14 points or 0.6 pct at 509.84, while the broad Straits Times Index was down 1.1 pct at 3,191.97.

Sino Techfibre, a maker of synthetic fiber, rose 0.040 sgd or 4.8 pct to 0.870 in heavy trade.
Li Heng Chemical Fibre Technologies, a maker of high-end nylon fiber, was up 0.020 sgd or 2.4 pct at 0.855.

SunVic Chemical Holdings advanced 0.005 sgd or 1.4 pct to 0.365 in heavy trade. The stock is up more than 4 pct this week since saying it expects its profit to more than triple this year.

Bio-Treat Technology rose 0.005 sgd or 1.7 pct to 0.305 after an announcement that Swiss bank UBS received about 5 mln of its shares as collateral on April 25, raising its stake in the company to 5.04 pct.

Last month, the company was declared in default by a Merrill Lynch investment unit which holds Bio-Treat bonds with a face value of 27.6 mln sgd.

Jiutian Chemical fell 0.005 sgd or 3.3 pct to 0.145 sgd.

(1 usd = 7 yuan, 1.36 sgd)

shburo@xfn.com

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