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Roundup: Singapore stocks end down 1.17 pct

Xinhua, July 27, 2015 Adjust font size:

Singapore shares closed 1.17 percent lower on Monday, as investors remained cautious after Wall Street fell last Friday on dismal earning results.

Shares of U.S. biotechnology companies led U.S. stock price decline last Friday, with Biogen plunging 22 percent on a soft sales outlook. Materials and energy stocks also declined amid continued fall in the price of oil and metals.

DBS Group Research said Straits Times Index should find support at 3,300 points and resistance at 3,425 points. Whether the local index has the muscle to head closer towards 3,425 points before turning down will depend on the outcome of the earnings season that is currently panning out.

Singapore's benchmark Straits Times Index fell 39.23 points to 3,373.48 points. Trading volume was 1.74 billion shares worth 982 million Singapore dollars. Decliners outnumbered advancers 403 to 93, while 451 stocks did not move.

DBS Group Holdings fell 1.5 percent to 21.08 Singapore dollars. The Singapore's biggest bank reported a 15 percent rise in second- quarter net profit to 1.117 billion Singapore dollars from 969 million Singapore dollars in the same period a year earlier, helped by higher interest rate margins.

While improving interest margin and healthy loan growth have helped DBS withstand a slowing economy, a weak property market and sluggish China-related trade finance business has prompted the banking group to caution that there was some uncertainty in its second-half outlook.

QT Vascular rose 3.4 percent to 12.2 Singapore cents. It has entered into an agreement with a group of investors for up to 13. 14 million U.S. dollar convertible bond investment. Proceeds will mainly be used to strengthen working capital and position QT Vascular for the next growth trajectory. The convertible bonds will have an 18-month maturity period and can be converted into ordinary shares at 12.8 Singapore cents per share.

Among top gainers, Starhub rose 0.5 percent to 3.97 Singapore dollars, while Jardine Strategic became one of the top losers by falling 1.8 percent to 30.80 U.S. dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endi