Roundup: Singapore stocks end lower following Greece vote results

Singapore shares closed 0.38 percent lower on Monday, as Greece vote results raised fresh concerns of instability in Europe.

Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders.

Meanwhile, investors will watch the U.S. Federal Reserve's two- day policy meeting from Tuesday, expecting the central banker to reveal little of any firm date for it plans to raise rates.

"We expect this week, the Straits Times Index may attempt to break 3,450 points given the strong stimulus effect from Euro-zone, " Voyage Research said.

Singapore's benchmark Straits Times Index dropped 12.98 points to 3,398.52 points. Trading volume was 1.41 billion shares worth 1. 48 billion Singapore dollars (1.1 billion U.S. dollars). Decliners outnumbered advancers 262 to 204, while 475 stocks finished unchanged.

Among top actives, WE Holdings sank 12.5 percent to 0.7 Singapore cents. It proposed a renounceable non-underwritten rights issue of up to 4.21 billion warrants at an issue price of 0. 1 Singapore cents for each warrant, on the basis of nine warrants for every ten existing share held.

Each warrant will carry the right to subscribe for one new share at an exercise price of 0.3 Singapore cents for each new share. The proposed issue is to raise additional funding to strengthen the financial position of WE Holdings by enlarging working capital and capital base and enhance financial flexibility to capitalize on potential growth and acquisition opportunities.

Keppel Land Limited jumped 24.7 percent to 3.55 Singapore dollars. Keppel Corporation, which owned over 54 percent in Keppel Land, made a cash offer of 4.6 Singapore dollars per share to buy the remaining shares of Keppel Land with an aim to delist the property unit.

AmFraser Securities Research said, "We advise shareholders to accept the offer to realize the lucrative upside and we have raised our target price (of Keppel Land) in line with the offer price to 4.6 Singapore dollars."

Among top gainers, Keppel Corporation rose 0.7 percent to 8.16 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.5 percent to 64.74 U.S. dollars. (1 U.S. dollar = 1.34 Singapore dollars) Endi