Roundup: Singapore stocks end down 0.23 pct

Singapore shares closed 0.23 percent lower on Wednesday, as investors waited for U.S. first- quarter gross domestic product and the outcome of Federal Reserve' s policy meeting.

Gross domestic product data are expected to show the U.S. economy grew at a snail pace of 1 percent annualized in the first quarter, partly due to bad weather and a port strike. The Federal Reserve's latest policy statement will come just hours after the data release later Wednesday.

The Federal Reserve has so far played down the softness in the hope of a rebound in the second quarter, and there have been hints of a much-needed upturn in wages and inflation.

The benchmark Straits Times Index fell 7.94 points to close at 3,487.15 points. Trading volume was 1.49 billion shares worth 1.12 billion Singapore dollars. Decliners outnumbered advancers 268 to 184, while 478 stocks closed unchanged.

Voyage Research said uncertainty about the Federal Reserve's interest rate decision that is due to be released on Wednesday contributed to the choppy trading. The Federal Reserve will likely delay its first rate hike until later in the year as several recent economic reports have reflected some signs of weakness.

Q&M Dental Group fell 1.3 percent to 77.5 Singapore cents. It has entered into agreements for the proposed acquisition of 100 percent stake in TP Dental Surgeons for a total consideration of 28.6 million Singapore dollars, out of which 18 million Singapore dollars will be paid in cash whilst the remaining 10.6 million Singapore dollars will be paid by way of an issuance of Q&M's shares at an issue price of 70.668 Singapore cents per share.

Parkway Life REIT closed flat at 2.42 Singapore dollars. It reported first-quarter distribution per unit was up 14 percent year-on-year to 3.21 Singapore cents. This includes a gain of 0.37 Singapore cents from the divestment of 7 Japanese nursing homes in last December.

There will be equal disbursement of this gain for the 4 quarters in financial year 2015. Total divestment gain was 9.1 million Singapore dollars. The capital from the divestment of the properties was also redeployed and the 7 new Japanese properties will start contributing from second quarter onwards. The new properties are more strategic and have higher yields.

Among the top gainers, OSIM International jumped 5.9 percent to 2.07 Singapore dollars, while UOB dropped 2.2 percent to 22.42 Singapore dollars. (1 U.S. dollar equals to 1.32 Singapore dollars) Endi