Roundup: Singapore stocks end down 0.98 pct

Singapore shares closed 0.98 percent lower on Tuesday.

The U.S. Federal Reserve started a two-day meeting on Tuesday as policy makers debate the timing for higher interest rates. The market in average expects a September rate increase.

Singapore's benchmark Straits Times Index shed 32.33 points to 3,281.09 points. Trading volume was 2.3 billion shares worth 1.37 billion Singapore dollars. Decliners outnumbered advancers 303 to 155, while 480 stocks did not move.

Great Eastern Holdings fell 1 percent to 23.50 Singapore dollars. It reported its second-quarter net profit rose 14 percent to 277.7 million Singapore dollars compared to a year ago. The improvement was mainly contributed by the gain of 119.9 million Singapore dollars from the sale of part of the group's investment in New China Life.

Its net profit for the six month period to end June was up 5 percent, at 498.2 million Singapore dollars. On a half year basis, operating profit of 282.9 million Singapore dollars was comparable to the same period last year.

Abterra Limited shed 3.4 percent to 56 Singapore cents. It proposed to acquire commercial property in Beijing, China for 352. 4 million Chinese yuan. The proposed acquisition presents the company with an opportunity to enter the property market in China, and if completed, will diversify the company's existing businesses and provide an alternative income stream.

Among the top gainers, Osim International rose 3.5 percent to 1. 605 Singapore dollars, whereas Jardine Strategic became one of the top losers by falling 1.6 percent to 30.30 U.S. dollars. (1 U.S. dollar equals to 6.209 Chinese yuan and 1.37 Singapore dollars) Endi