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Roundup: Singapore stocks end down 0.38 pct

Xinhua, March 9, 2015 Adjust font size:

Singapore shares closed 0.38 percent lower on Monday, after strong U.S. jobs data fueled speculations that the U.S. Federal Reserve may raise interest rates sooner than previously thought.

The U.S. Labor Department said on Friday that U.S. employers added 295,000 workers in February, beating average market forecast of 240,000. It marked the longest run of 200,000-plus increases since 1994. The unemployment rate hit a six-and-half-year low of 5. 5 percent in February, down from 5.7 percent in January.

Meanwhile, investors were also cautious following the release of China's trade balance for February. While exports were much better than expected, rising 48.3 percent year-on-year compared to market estimates of a 13.3 percent increase in U.S. dollar terms, the imports continued to fare much worse than analysts' estimates by dropping 20.5 percent compared to analysts' estimates of a 10- percent fall.

Though the data may be heavily distorted by the timing of holidays marking Lunar New Year, Goldman Sachs Research said "the weakness in imports data is a reflection of low upstream prices and weak (China's) underlying domestic demand growth momentum."

"We maintain our view for Straits Times Index to find firm near- term support is at the 3,380 points and 3,390 points range," DBS Group Research said.

Singapore's benchmark Straits Times Index fell 12.94 points to 3,404.57 points. Trading volume was 1.18 billion shares worth 1.21 billion Singapore dollars. Decliners outnumbered advancers 287 to 144, while 502 stocks did not move.

KS Energy rose 1.3 percent to 38 Singapore cents. It announced it has been awarded a Jack-up drilling rig contract in Indonesia. The expected value of the contract is 7.2 million U.S. dollars. The work is expected to start this month.

Singapore Post Limited shed 0.3 percent to 1.955 Singapore dollars. It announced a joint venture with Trikomsel Oke, an Indonesian retailer of mobile phones, to deliver logistics solutions to e-commerce companies in Indonesia.

Among top gainers, Jardine Matheson rose 0.2 percent to 65.82 U. S. dollars, while Jardine Cycle and Carriage became one of the top losers by falling 1.2 percent to 42.02 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endi