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Roundup: Singapore stocks end down 0.32 pct

Xinhua, February 5, 2015 Adjust font size:

Singapore shares closed 0.32 percent lower on Thursday, after the European Central Bank (ECB) increased pressure on the new Greek government to come to terms with its creditors.

The ECB said it would no longer accept Greek public securities as collateral for central bank loans. The announcement comes as Greece's government seeks to ease conditions on its bailout program.

Meanwhile, investors were unimpressed by the latest reserve requirement ratio (RRR) cut from The People's Bank of China (PBOC) for the first time since 2012. The PBOC lowered the ratio by 50 basis points with additional targeted RRR cuts for city and rural commercial banks.

As the magnitude of easing was small, the market expected more to come. Goldman Sachs Research said "we expect further moves in the coming months, as Chinese policymakers often ease along multiple dimensions simultaneously."

The benchmark Straits Times Index fell 10.99 points to close at 3,406.58 points. Trading volume was 1.01 billion shares worth 1.11 billion Singapore dollars. Decliners outnumbered advancers 243 to 157, while 536 stocks closed unchanged.

Among top actives, Singapore Post Limited fell 1 percent to 2. 01 Singapore dollars. It said its nine-month revenue was up 6.9 percent year-on-year to 670.9 million Singapore dollars while net profit was up 6 percent year-on-year to 119.1 million Singapore dollars. The results were attributed to revenue growth in its logistics business.

PEC Limited rose 4.5 percent to 46.5 Singapore cents. It started the new year with a major contract award valued at approximately 132 million Singapore dollars for a refinery project in the Middle East. This latest win will require PEC to undertake an extensive fast-track project that is scheduled to be completed by April 2016.

TEE International fell 3.7 percent to 26 Singapore cents. It made maiden foray into the Philippines to invest and construct a 25 Megawatt (MW) green-field power plant and to supply electricity. In connection with this, TEE has entered into a subscription agreement to subscribe to a 21.05 percent stake in PowerSource Philippines Distributed Power Holdings for a total cash consideration of approximately 4.87 million Singapore dollars, which will be funded through internal funds.

Among the top gainers, Jardine Strategic rose 0.8 percent to 35. 06 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.6 percent to 41.95 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endi