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Roundup: Singapore stocks end almost flat

Xinhua, February 16, 2015 Adjust font size:

Singapore shares closed 0.03 percent higher on Monday, following rally in U.S. stocks last Friday amid cautious optimism over Greek debt negotiation.

The European finance ministers will meet in Brussels later on Monday to try to find common ground with Greece's new government, in talks that could drag on for some time. Greece said on Sunday that it was confident of reaching agreement in negotiations with its euro-zone partners, but reiterated it would not accept harsh austerity strings in any debt pact.

Investors were cautiously optimistic that the European Union would make progress this week on a debt deal with Greece, given the alternative might be a disastrous Greek exit from the euro.

DBS Group Research said "whether the Straits Times Index is able to clear the 3,450 points level soon will depend on earnings revisions of index heavyweights. Assuming the positive earnings revisions continue to sustain or better yet, improve through the remainder of the current results season, we now see the Straits Times Index heading towards 3,530 points by end of first quarter."

Singapore's benchmark Straits Times Index inched up 0.94 points to 3,427.16 points. Trading volume was 927 million shares worth 1. 02 billion Singapore dollars. Decliners outnumbered advancers 228 to 164, while 543 stocks did not move.

Among top actives, United Engineers Limited sank 15.5 percent to 2.68 Singapore dollars.

Its major shareholders Oversea-Chinese Banking Corporation ( OCBC) and Great Eastern Holdings failed to reach an agreement to sell their stake in the United Engineers to TCC Top Enterprise Limited, a company controlled by Thai billionaire Charoen Sirivadhanabhakdi and his wife.

In August last year, both sides had entered into exclusive talks over the stake sale. The talks fell through reportedly due to disagreement over pricing. OCBC and related companies owned around 36 percent of United Engineers.

City Developments Limited fell 0.4 percent to 10.26 Singapore dollars.

It reported fourth-quarter profit attributable to owners of company was 384.9 million Singapore dollars versus 221.9 million Singapore dollars last year, while fourth-quarter revenue was 846. 9 million Singapore dollars versus 788.7 million Singapore dollars.

It recommended special final ordinary dividend of 4 Singapore cents per share, in addition to final ordinary dividend of 8 Singapore cents per share. Looking forward, it said "operating environment is expected to remain challenging."

Among top gainers, Jardine Cycle and Carriage rose 0.6 percent to 42.64 Singapore dollars, while UOB became one of the top losers by falling 1.4 percent to 23.24 Singapore dollars. (1 U.S. dollar equals to 1.36 Singapore dollars) Endi