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Roundup: Singapore stocks end down 0.19 pct

Xinhua, March 10, 2015 Adjust font size:

Singapore shares closed 0.19 percent lower on Tuesday, as worries over the latest China's inflation data overshadowed rebound in Wall Street overnight.

While Chinese consumer prices topped market expectations with an annual rise of 1.4 percent in February, much of the pick up was caused by seasonal volatility in food prices. Investors were more concerned with the producer price index for the month that slumped 4.8 percent, the worst result since October 2009, mainly driven by falling energy prices.

Meanwhile, the Dow Jones industrial average rose 0.78 percent on Monday, and the Nasdaq Composite also rebounded 0.31 percent. The expectation that U.S. Federal Reserve could start raising interest rates from June following the release of strong job data had hit market sentiment heavily and dragged most markets across the globe lower on Monday.

Singapore's benchmark Straits Times Index fell 6.31 points to 3, 398.26 points. Trading volume was 1.17 billion shares worth 1.18 billion Singapore dollars. Decliners outnumbered advancers 250 to 174, while 509 stocks did not move.

Yongnam Holdings rose 2 percent to 15.1 Singapore cents. The engineering company announced that its unit along with a joint venture partner has secured a 159 million Singapore dollar tender from JTC Corporation to build and develop facilities at Senoko Food Zone. The construction work will commence this month with an aim to complete the project by first half of 2017. The project is expected to have a favorable impact on the Yongnam's financial performance for current financial year.

TRIYARDS Holdings rose 2.6 percent to 40 Singapore cents. It announced it has secured deals for two ice-class Multi-Purpose Support Vessels as well as a turret fabrication job worth over 100 million U.S. dollars. These come less than two months after the recent 75.4 million U.S. dollar win for two lift-boat contracts in early January.

Among the top gainers, Jardine Cycle and Carriage rebounded 1.5 percent to 42.63 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.2 percent to 65 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endi