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Roundup: Singapore stocks end down 0.42 pct

Xinhua, February 24, 2015 Adjust font size:

Singapore shares closed 0.48 percent higher as investors bought stocks ahead of U.S. Federal Reserve Chair Janet Yellen's testimony before the House and Senate.

Yellen will testify before Congress later on Tuesday and there is much uncertainty over whether she will echo the dovish tone of the minutes from the Federal Reserve's last meeting, or reaffirm June as a window for a first rate hike.

Meanwhile, Greece missed a Monday deadline to send its economic reform plans to Euro-zone finance ministers, and there were lingering doubts over Greece's commitment to debt agreement. Germany has insisted that any extra spending on the list of reforms has to be offset by savings or higher taxes in order to meet conditions for extending Athens' financial lifeline.

Voyage Research said "the Straits Times Index has not been able to breach the resistance level of 3,450 points but we will think that it will maintain at 3,400 points level."

Singapore's benchmark Straits Times Index rose 16.31 points to 3,437.61 points. Trading volume was 1.07 billion shares worth 1.25 billion Singapore dollars. Advancers outnumbered decliners 226 to 194, while 514 stocks did not move.

Among top actives, SIIC Environment Holdings Limited inched up 0.8 percent to 13.2 Singapore cents. It reported full-year revenue was up 6 percent year-on-year to 1.29 billion Chinese yuan while full-year net profit was up 75 percent year-on-year to 262.4 million Chinese yuan.

The results were attributed to higher contribution from its associates and joint ventures. There was also net gain from disposal of subsidiaries and higher amount of government subsidies received. Going forward, SIIC Environment sees potential for growth and acquisition in its sector.

HLH Group surged 13.3 percent to 1.7 Singapore cents. It has signed an agreement to acquire a plot of land in Cambodia for a purchase price of 1.8 million U.S. dollars. The land is a freehold land with the total land size of approximately 9,818 square meters, and is for the proposed development of public executive condominium and shop houses.

Among the top gainers, Sarine Technologies Limited rebounded 2. 9 percent to 2.80 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.7 percent to 64.39 U.S. dollars. (1 U.S. dollar equals to 6.259 Chinese yuan and 1.36 Singapore dollars) Endit