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Roundup: Singapore stocks end down 0.24 pct

Xinhua, March 18, 2015 Adjust font size:

Singapore shares closed 0.24 percent lower on Wednesday, as all eyes were on U.S. Federal Reserve's policy statement due later in the session for clues to when the interest rates will be raised.

Investors are most interested in whether the U.S. central bank will remove the word "patient" from its remarks on raising rates.

Market sentiment was also affected by the news that Singapore's first elected Prime Minster Lee Kuan Yew is "critically ill" and his condition has deteriorated further. Lee, 91, has been hospitalized since February 5 for severe pneumonia and is on mechanical ventilation.

The benchmark Straits Times Index fell 8.20 points to close at 3,361.75 points. Trading volume was 1.05 billion shares worth 1.02 billion Singapore dollars. Decliners outnumbered advancers 300 to 156, while 475 stocks closed unchanged.

PSL Holdings Limited sank 12.4 percent to 9.9 Singapore cents. It announced that it has agreed to purchase a 49 percent stake in PT Momentum Indonesia Investama for 11.5 million U.S. dollars. PT Momentum is a Batam-domiciled provider of tug and barge services. The company owns its own fleet of tugs and barges.

The acquisition comes with a profit guarantee of 12.2 million U. S. dollars over the next 24 months. The transaction is subjected to various conditions, including regulatory and shareholder approval.

KS Energy Limited dropped 1.4 percent to 35.5 Singapore cents. It announced that its subsidiary has been awarded a new drilling contract from Korea National Oil Corporation for the provision of drilling services and charter of its onshore drilling rig.

Work will begin in early second quarter this year and should continue for 150 days or until the completion of one well. There is then an option to extend the contract for another 150 days to drill another well. Total value of the contract and extension is about seven million U.S. dollars.

Among the top gainers, Jardine Strategic rose 0.9 percent to 34. 95 U.S. dollars, while Jardine Matheson shed 0.7 percent to 62.94 U.S. dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endi