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Roundup: Singapore stocks end down 1.23 pct

Xinhua, June 29, 2015 Adjust font size:

Singapore shares closed 1.23 percent lower on Monday after investors fled stock markets as Greece looks set to become the first Euro-zone country to default on its debt repayment this week.

Greece's European partners shut the door on extending a credit lifeline after Greece's surprise move to hold a referendum on bailout terms. Fear of an imminent default by Greece hit Greek banks, a major buyer of Greek government bills, triggering bank runs at weekend and forcing Prime Minister Alexis Tsipras to announce a bank holiday on Monday and capital controls.

While any speculative selling in debts of such countries as Italy, Spain and Portugal will likely be countered by the European Central Bank, which started buying Euro-zone sovereign debts from markets in March to shore up the economy, the perception could change if investors grow more worried about the future of the currency union.

Singapore's benchmark Straits Times Index fell 40.72 points to 3,280.18 points. Trading volume was 1.26 billion shares worth 1.02 billion Singapore dollars. Decliners outnumbered advancers 391 to 93, while 477 stocks did not move.

SIA Engineering Limited shed 1 percent to 3.84 Singapore dollars. It announced the renewal of its services agreement with SilkAir. The new agreement covers a broad spectrum of maintenance, repair and overhaul (MRO) and fleet management services for SilkAir's fleet of A319 and A320 aircraft. The agreement is firm for five years, with a one-year extension option. The total value of the contract is 197 million Singapore dollars.

mm2 Asia jumped 12.1 percent to 51 Singapore cents. It has entered into a convertible note subscription agreement to issue up to 2.875 million Singapore dollars in aggregate principal amount of convertible notes due June 30, 2017 with Phillip Asia Pacific Opportunity Fund Ltd (PAPOF). PAPOF currently holds 9.315 percent of the issued share capital of mm2 Asia. The conversion price of 48.92 Singapore cents is 112.5 percent of the average volume- weighted average price for the previous 15 trading days prior to, but excluding, June 27. mm2 Asia intends to use the net proceeds of the proposed convertible notes issue for investment or acquisition purposes.

Among top gainers, SATS Limited rose 0.6 percent to 3.58 Singapore dollars, while Jardine Matheson became one of the top losers by falling 2.2 percent to 55.30 U.S. dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endi