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Roundup: Singapore stocks end down 1.67 pct

Xinhua, July 8, 2015 Adjust font size:

Singapore shares closed 1.67 percent lower on Wednesday, after investors turned away from the market over Greece's debt crisis and plunge in Chinese stocks.

Greece has been given until Sunday to put forward a new set of reform proposals. European leaders signaled the country will be booted out of the eurozone if the deadline is not met.

Meanwhile, Chinese markets continued to fall sharply. Hundreds of Chinese stocks were frozen from trading Wednesday, with 1,287 companies halted. That represents 45.6 percent of the constituent stocks of the Shanghai Composite and Shenzhen Composite. As Chinese brokers and investors found it difficult to sell in the mainland due to the trading limits in China, Hong Kong markets and overseas-listed Chinese companies took a big hit.

The benchmark Straits Times Index sank 55.94 points to close at 3,284.99 points. Trading volume was 1.82 billion shares worth 1.61 billion Singapore dollars. Decliners outnumbered advancers 426 to 73, while 466 stocks closed unchanged.

Singapore Post Limited rose 1.5 percent to 1.905 Singapore dollars. Chinese e-commerce giant Alibaba Group Holding Limited is investing about 279 million Singapore dollars to expand its holdings in Singapore Post Limited and its e-commerce subsidiary. After purchasing 10 percent stake in Singapore Post last year, Alibaba was buying another 5 percent stake for 187.1 million Singapore dollars, making it the second largest shareholder in Singapore Post after Singapore Telecommunications. Alibaba will also invest up to 92 million Singapore dollars to buy a 34 percent stake in Quantium Solutions International, a subsidiary of Singapore Post that provides e-commerce logistics across the Asia Pacific.

OEL (Holdings) fell 8.8 percent to 3.1 Singapore cents. It proposes to issue up to 40 million Singapore dollars in aggregate principal amount of redeemable zero coupon convertible bonds. The Bonds will be issued in 20 separate successive tranches, each tranche having an aggregate principal amount of 2 million Singapore dollars which may be convertible into ordinary shares. It intends to use the proceeds from the proposed bond issue for expansion of the Group's business through investments, mergers and acquisitions, joint ventures or strategic alliances, and general working capital purpose.

Among the top gainers, Jardine Cycle and Carriage rose 0.6 percent to 30.05 Singapore dollars, while Jardine Strategic dropped 2.9 percent to 30.55 U.S. dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endi