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Roundup: Singapore stocks end down 0.82 pct

Xinhua, May 12, 2015 Adjust font size:

Singapore shares closed 0.82 percent lower on Tuesday, taking a cue from drop in U.S. stocks overnight.

Market sentiment was affected by the little progress on talks between debt-strapped Greece and its creditors. Euro-zone finance ministers said more work is needed to close a cash-for-reform deal between both sides, even though Greece said on Monday it repaid about 750 million Euros to the International Monetary Fund. Investors worried that Athens would eventually run out of cash and default on its debts.

Singapore's benchmark Straits Times Index fell 28.47 points to 3,442.33 points. Trading volume was 1.33 billion shares worth 1.15 billion Singapore dollars. Decliners outnumbered advancers 284 to 154, while 515 stocks did not move.

Manufacturing Integration Technology jumped 4.8 percent at 22 Singapore cents. It has signed two new solar contracts worth a total of 21 million Singapore dollars to design and supply 2 lines of equipment for making building integrated photovoltaics to a customer in China. Delivery for these 2 new contracts is scheduled to be completed by the end of 2015.

GSS Energy Limited fell 4 percent at 23.5 Singapore cents. It reported first-quarter revenue was up 1.2 percent year-on-year to 18.2 million Singapore dollars, while net profit was up 92.9 percent to 1 million Singapore dollars. This was attributed to the contribution after the inclusion of its oil and gas business.

This follows the acquisition of a 53.68 percent stake in Cepu Sakti Energy in Sep 2014. The oil and gas business had a higher gross profit margin this quarter of 51.8 percent as compared to the precision engineering business's 23.8 percent. Going forward, the oil production business will remain a key business focus despite the decline of oil prices.

Among the top gainers, Venture Corporation rose 1.8 percent to 8.08 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.1 percent to 61.50 U.S. dollars. (1 U.S. dollar equals to 0.888 Euros and 1.34 Singapore dollars) Endi