Off the wire
• Afghan forces kill 33 insurgents in 24 hours: MoI  • Weather forecast for major Chinese cities, regions -- Feb. 23  • Weather forecast for world cities -- Feb. 23  • 1st LD Writethru: Japan's agriculture minister resigns over political funds  • UPDATE: Iran to quit nuclear talks if pressures mount: negotiator  • Mighty rams or timid lambs: Children of Year of Sheep  • Egypt sentences prominent activist to five years in jail  • HK's composite interest rate down to 0.36 pct in Jan.  • Xinhua Asia-Pacific News Summary at 1000GMT, Feb. 23  • HK CPI rises 4.1 pct in January  
You are here: 　 Home

Roundup: Singapore stocks end down 0.42 pct amid afternoon profit-taking

Xinhua, February 23, 2015 Adjust font size:

Singapore shares closed 0.42 percent lower on Monday, dragged by late profit-taking even though prices rose most of the day following Greek debt deal struck last week.

European finance ministers clinched a deal on a four-month extension on Greece's bailout. Greek leaders are expected to present a detailed proposal later Monday of how they will honor bailout terms during a four-month extension.

Investors will now watch closely on Federal Reserve Chair Janet Yellen's testimony on the economy and monetary policy before the Congress on Tuesday.

Mounting signs of strength in the U.S. jobs market could revive expectation of a rate hike in June. While many markets in the region opened for trading after Lunar New Year holidays, China's markets will remain shut until Wednesday.

DBS Group Research said "we see the index heading towards 3,530 points by end of first-quarter in light of the positive earnings revision thus far in this fourth-quarter results season."

Singapore's benchmark Straits Times Index fell 14.36 points to 3,421.30 points. Trading volume was 1.07 billion shares worth 1.28 billion Singapore dollars. Advancers slightly outnumbered decliners 224 to 214, while 498 stocks did not move.

Sarine Technologies Limited sank 5.6 percent to 2.72 Singapore dollars. It reported its full year revenue was up 15 percent year- on-year to 87.8 million U.S. dollars, while net profit was up 14 percent to 27.2 million U.S. dollars.

However, there was also higher operating expenses incurred to support research and development, and marketing of its new products and services. Going forward, Sarine is focused on marketing its new products.

AusGroup Limited fell 1.9 percent to 26.5 Singapore cents. It announced that it was conducting a strategic review of its fabrication business in Australia, which includes the reshuffling of some key personnel.

It explained that the implemented changes to the operating and cost structure of the fabrication business will position it to better manage overheads at a level that will continue to support its maintenance strategy going forward.

Among top gainers, Jardine Cycle and Carriage rose 0.9 percent to 43.15 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.5 percent to 65.50 U.S. dollars. (1 U. S. dollar equals to 1.36 Singapore dollars) Endi