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Roundup: Singapore stocks end down 0.03 pct

Xinhua, May 26, 2015 Adjust font size:

Singapore shares closed 0.03 percent lower on Tuesday, as investors continued to wait for more economic data later this week.

Singapore's gross domestic product (GDP) grew a better-than- expected 2.6 percent on-year in the first quarter of 2015, despite a contraction in the manufacturing sector. This beat both the initial flash estimate of 2.1 percent growth, and the market's expectation of 2.2 percent. The Singapore government maintained its 2015 full-year growth forecast of 2 percent to 4 percent.

Investors were waiting for the latest batch of U.S. data later on Tuesday that could provide more clues on the strength of economic recovery, including May durable goods and April consumer confidence.

Meanwhile, time is running out for Greece to reach an agreement on reform with lenders and there will be no further funds for Athens without it. Barclays Research said "the Greek political saga will remain in the spotlight as the deadline for payments to the International Monetary Fund approaches."

Singapore's benchmark Straits Times Index fell 0.87 points to 3, 459.98 points. Trading volume was 1.68 billion shares worth 825 million Singapore dollars. Decliners outnumbered advancers 262 to 218, while 475 stocks did not move.

Valuetronics Holdings Limited rose 2.9 percent to 52.5 Singapore cents. It announced full year revenue was down 0.2 percent year-on-year to 2.43 billion Hong Kong dollars while full- year net profit was up 0.9 percent year-on-year to 149.2 million Hong Kong dollars. There was growth in its industrial and commercial electronics business which offset the fall in its consumer electronics business. Going forward, Valuetronics is well positioned for growth in its industrial and commercial electronics business.

Jason Marine Group Limited fell 2 percent at 24.5 Singapore cents. It announced full year revenue was up 12.4 percent year-on- year to 56.4 million Singapore dollars while full year net profit was up 37.2 percent year-on-year to 3.9 million Singapore dollars. This was attributed to a net exchange gain of 0.9 million Singapore dollars. Going forward, Jason Marine feels that the market environment remains challenging in view of lower oil prices. This is likely to weaken demand for its products and services.

Among the top gainers, Hongkong Land rose 1 percent to 8.74 U.S. dollars, whereas Jardine Matheson became one of the top losers by falling 0.8 percent to 61.01 U.S. dollars. (1 U.S. dollar equals to 7.752 Hong Kong dollars and 1.35 Singapore dollars) Endi