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Roundup: Singapore stocks end down 0.15 pct

Xinhua, March 12, 2015 Adjust font size:

Singapore shares closed 0.15 percent lower on Thursday, as investors continued to focus on the path of U.S. monetary policy.

The U.S. Federal Reserve will hold a two-day policy meeting next week. Investors now wonder if the Federal Reserve officials are considering to drop its promise to be "patient" before raising short-term rates, which would pave the way for a debate about a rate increase at its June meeting.

The strong February job data had dragged most markets across the globe lower in the past few days this week, as expectation of rate hike in June is now running high.

The benchmark Straits Times Index fell 4.99 points to close at 3,373.60 points. Trading volume was 1.27 billion shares worth 1.01 billion Singapore dollars. Decliners outnumbered advancers 228 to 188, while 517 stocks closed unchanged.

DBS Group Research said, "From a forward price-earning perspective, we believe that the Singapore market is close to its valuation trough as the current weakness is due more to funds outflow from the weak Singapore dollar rather than contagion, crisis or recession concerns."

Global Logistic Properties rose 1.2 percent to 2.54 Singapore dollars. It has signed new agreements totaling 63,000 square meters with four customers in China. The customers include leaders in e-commerce, packaged foods and pharmaceutical industries, and three are multi-location Global Logistic Properties' customers in China.

Yoma Strategic Holdings jumped 12.8 percent to 44 Singapore cents. It said it has received approval from the Myanmar Investment Commission (MIC) for the extension of the Landmark lease, for the redevelopment of the former headquarters of the Burma Railways Company into a five-star hotel. This decision has been reached by the MIC after a protracted period of negotiations.

Among the top gainers, Singapore Airlines rose 2.4 percent to 11.90 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.6 percent to 63.35 U.S. dollars. (1 U. S. dollar equals 1.38 Singapore dollars) Endi