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Roundup: Singapore stocks end down 4.3 pct

Xinhua, August 24, 2015 Adjust font size:

Singapore shares closed 4.3 percent lower on Monday, dragged down by concerns about volatile Chinese stock prices.

Shanghai shares plummeted immediately after the open on Monday, even after Chinese government formalized rules over the weekend allowing the state pension fund to invest in the stock market. Stock markets across the region were hit hard as investors' risk appetite dived amid Chinese market drop.

DBS Group Research said the Asian and emerging markets' equity market correction has now spilled over to the developed markets of U.S. and Europe as well Japan. The U.S. equity market had been on a multi-year bull market and the correction is long overdue given its valuation and slowing corporate earnings growth. U.S. markets plunged more than 3 percent last Friday.

Singapore's benchmark Straits Times Index sank 127.62 points to 2,843.39 points. Trading volume was 1.85 billion shares worth 1.89 billion Singapore dollars. Decliners outnumbered advancers 522 to 50, while 362 stocks did not move.

Spackman Entertainment Group rose 2.4 percent to 4.3 Singapore cents. It announced that its associated company, Spackman Media Group (SMG), is proposing a listing of SMG or its affiliates, which together will form the resultant listing group subsequent to a restructuring exercise, on the Stock Exchange of Hong Kong. The company is of the view that the proposed listing will unlock value for its shareholders by ascribing a separate and distinct valuation for SMG.

Serial System Limited shed 6.5 percent to 15.8 Singapore cents. It is proposing to buy a 21 percent stake in four food manufacturing and catering companies for a total consideration of 4.5 million Singapore dollars. The consideration will be funded by internal funds and bank borrowings. The proposed acquisition is a diversification of the company's ordinary course of business, which the directors believe will provide a stable higher margin to the company.

Among top gainers, Travelite Holdings Limited jumped 20 percent to 30 Singapore cents, while Jardine Matheson became one of the top losers by falling 5 percent to 48.57 U.S. dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Endi