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Roundup: Singapore stocks end almost flat

Xinhua, April 30, 2015 Adjust font size:

Singapore shares closed 0.01 percent higher on Thursday, as investors shrugged off weak U.S. stock performance overnight.

U.S. stocks fell on Wednesday following a report from the Commerce Department that showed the U.S. economy grew a paltry 0.2 percent in the first quarter, well below market expectations. The economy grew at a much faster 2.2 percent pace during the last three months of 2014. Wednesday's reading is the latest indicator suggesting a marked slowdown in the U.S. economy early in the year.

Meanwhile, the Federal Reserve's latest policy statement after its Wednesday meeting offered investors little additional clarity on the course of rate increases. The U.S. central bank attributed the recent economic slowdown to "transitory factors," but offered little in the way of additional guidance. Its statement said the pace of job gains had moderated, a downgrade of its view last month and a reflection of the poor March employment data.

Singapore's benchmark Straits Times Index inched up 0.24 points to 3,487.39 points. Trading volume was 1.38 billion shares worth 1. 47 billion Singapore dollars. Decliners outnumbered advancers 223 to 200, while 508 stocks did not move. Singapore bourse will close on Friday for the Labor Day, or International Workers Day, holiday.

Yangzijiang Shipbuilding Limited rose 1.4 percent to 1.465 Singapore dollars. The bourse operator reported net profit of 706. 9 million Chinese yuan in the first quarter of financial year 2015, down 12 percent year on year due to lower shipbuilding margins and interest income. Its revenues also fell 14 percent year on year to 3.04 billion Chinese yuan. It delivered 10 vessels during the quarter, up from seven in the same period last year. Gross margins for its shipbuilding business also slipped to 21 percent from 24 percent.

IPS Securex Holdings soared 22 percent to 66.5 Singapore cents. The security products and solutions specialist has received a letter of intent from the unnamed buyer in Southeast Asia to supply its PepperBall Technologies products for 54.75 million U.S. dollars, starting from the third quarter this year.

Among top gainers, Jardine Matheson rose 1.1 percent to 61.94 U. S. dollars, while Jardine Cycle and Carriage became one of the top losers by falling 0.5 percent to 40.41 Singapore dollars. (1 U.S. dollar equals to 6.204 Chinese yuan and 1.32 Singapore dollars) Endi