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Roundup: Singapore stocks end down 0.46 pct

Xinhua, August 26, 2015 Adjust font size:

Singapore shares closed 0.46 percent lower on Wednesday, as investors turned cautious amid volatile Chinese stock movement.

China's key share indexes moved higher several times during the day only to be closed lower by waves of selling. The People's Bank of China cut interest rates late on Tuesday and lowered the amount of reserves that banks must hold in a much-anticipated move that some economists said was long overdue.

DBS Group Research said "for the Singapore market, we see accumulation opportunities on dips over the next one week in anticipation of a short-term rebound trade. Our earlier view was a decline to 2,750 points before reaching short-term low. We tweak the level slightly higher to 2,790 points on a worst case. From there, expect a rebound to 2,950 points or close to 3,000 points at best"

The benchmark Straits Times Index fell 13.29 points to close at 2,873 points. Trading volume was 2.33 billion shares worth 1.54 billion Singapore dollars. Decliners outnumbered advancers 268 to 225, while 449 stocks closed unchanged.

Croesus Retail Trust rose 4.8 percent to 87 Singapore cents. It announced its fourth-quarter distribution per unit grew 1 percent year-on-year to 2.02 Singapore cents while full year distribution per unit was up 2.8 percent year-on-year to 8.08 Singapore cents. The results were attributed to the contribution of two acquired Malls, Luz Omori and Croesus Tachikawa in March 2014. There were also stronger tenant sales at Mallage Shobu. Average occupancy as at end June this year was 99.3 percent. Going forward, Croesus is on the lookout for acquisition opportunities.

Silverlake Axis sank 27.6 percent to 46 Singapore cents. In response to queries from Singapore Exchange, the Malaysia-based information technology services provider reiterated that the company has always operated its business in a transparent manner, and confirmed that it has no undisclosed contingent liabilities.

Among the top gainers, City Developments Limited rose 2.3 percent to 8.75 Singapore dollars, while Jardine Matheson dropped 1.9 percent to 46.51 U.S. dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Endi