Off the wire
• China sets up inter-ministerial task force against online drug trafficking  • Hong Kong election reform plan avoids social confrontations: scholar  • Top Chinese legislator talks with Kenyan speaker on stronger ties  • Feature: Chinese monk tweets enlightenment  • Russia-led military alliance CSTO completes joint training in Tajikistan  • Iranian navy escorts aid ship to Yemen: report  • China sends more relief equipment, staff to Nepal  • China accelerates transport construction investment  • Backgrounder: Gangs in United States  • China slashes tax to promote green vehicles, ships  
You are here: 　 Home

Roundup: Singapore stocks end down 0.1 pct

Xinhua, May 18, 2015 Adjust font size:

Singapore shares closed 0.1 percent lower on Monday, as investors were reluctant to trade amid a lack of fresh catalyst.

U.S. industrial production unexpectedly fell for a fifth straight month in April while consumer confidence dropped to a seven-month low in early May. This came on the heels of weak retail sales and producer inflation data, raising concerns that the U.S. economy is hardly gaining momentum. The weakness also reinforced expectations that the U.S. Federal Reserve will probably not raise interest rates anytime soon.

Voyage Research said "a sustained upward rally from its current levels should see the index moving past its immediate resistance of 3,480 points and establish an upside target of 3,500 points. On the other hand, a fall below its previous low of 3,420 points will signal a resumption of its downward trend and a downside objective of 3,380 points will be established."

Singapore's benchmark Straits Times Index inched down 3.53 points to 3,459.57 points. Trading volume was 1.74 billion shares worth 961 million Singapore dollars. Advancers outnumbered decliners 244 to 207, while 504 stocks did not move.

Ezion Holdings fell 4.6 percent to 1.13 Singapore dollars. The Singapore-based offshore service provider was sued for involvement in a conspiracy to induce an AP Moeller-Maersk unit to breach charter agreements. According to a lawsuit filed last month in the Singapore High Court, Ezion created the impression Atlantic Marine Services, which it had agreed to charter oil rigs with to Maersk Oil, was in financial trouble. A closed hearing is scheduled for June 2.

StarHub Limited dropped 0.2 percent to 4.26 Singapore dollars. The Singapore number two telecom operator reported first-quarter net profit fell to 73.7 million Singapore dollars from 84.2 million Singapore dollars a year earlier. Nomura Equity Research maintained its 'neutral' rating with target price of 4 Singapore dollars, saying market is concerned with its lack of revenue growth since 2012, pricing pressure in the broadband segment and stagnant fixed telephone line trends.

Among top gainers, UOL Group Limited rose 1.2 percent to 7.60 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.6 percent to 61.53 U.S. dollars. (1 U.S. dollar equals to 1.34 Singapore dollars) Endi