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Roundup: Singapore stocks end down 0.32 pct

Xinhua, March 13, 2015 Adjust font size:

Singapore shares closed 0.32 percent lower on Friday, as investors remained cautious after notable rebound on Wall Street overnight fuelled by a fall in U.S. February retail sales.

U.S. retail sales fell 0.6 percent in February, marking the third month in a row of declining sales. As the markets across the globe wait for the Federal Reserve to raise short-term interest rates, a positive economic report tends to send U.S. equities lower as investors worry it could prompt the U.S. central bank to accelerate plans to tighten monetary policy.

On the other hand, any seemingly negative news, such as weaker- than-expected data, has often sent stocks higher in the U.S.

Singapore's benchmark Straits Times Index fell 10.83 points to 3,362.77 points. Trading volume was 1.11 billion shares worth 910 million Singapore dollars. Advancers outnumbered decliners 215 to 192, while 528 stocks did not move.

DBS Group Research said "valuations, potential U.S. interest rate hikes, and accelerating U.S. dollar strength are likely to affect market volatility."

Keppel Land rose 0.2 percent to 4.56 Singapore dollars. Its parent, Keppel Corporation, said it is extending a deadline to March 26, to take its developer unit private. At end of Thursday, Keppel Corporation held an 85.1 percent stake in Keppel Land.

Nordic Group Limited shed 2.9 percent to 13.3 Singapore cents. It announced that it has entered a non-binding memorandum of understanding to acquire Austin Energy (Asia) Private Limited for 26 million Singapore dollars in cash which will be paid in parts over 12 months.

Austin Energy provides thermal insulation, fire proofing and fire protection services to the petrochemical, pharmaceutical and offshore industries. The transaction is subject to satisfactory due diligence, legal documentation and shareholders' approval.

Among top gainers, DBS Group Holdings rose 0.2 percent to 19.56 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.9 percent to 62.12 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endi