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Roundup: Singapore stocks end down 0.16 pct

Xinhua, September 2, 2015 Adjust font size:

Singapore shares closed 0.16 percent lower on Wednesday, as investors were mostly sidelined after U.S stock prices fell sharply overnight.

The Dow Jones Industrial Average lost 2.8 percent on Tuesday. Data showed U.S. factory activity hit a more than two-year low in August, adding to an already grim mood across the global financial markets.

For the year to date, the Dow Jones Industrial Average was down 9.9 percent. Investors will watch closely the U.S. non-farm payrolls report for August due this Friday for more timing clues of interest rate hike.

The benchmark Straits Times Index fell 4.64 points to close at 2,878.13 points. Trading volume was 1.12 billion shares worth 986 million Singapore dollars. Decliners outnumbered advancers 228 to 179, while 528 stocks closed unchanged.

Chosen Holdings soared 21.2 percent to 24 Singapore cents. Private equity firm Shaw Kwei and Partners intended to make a voluntary conditional cash offer to acquire Chosen at 24 Singapore cents per share, valuing the plastic components maker at about 67. 6 million Singapore dollars.

It intended to delist the firm. The offer is unconditional as the offeror has received irrevocable undertakings to accept the offer from five shareholders for stakes totaling 50.99 percent.

CapitaLand shed 0.4 percent to 2.79 Singapore dollars. It announced that its serviced residence unit, the Ascott, has won new contracts to manage over 850 units in four growing Asian markets.

The new management contracts include Ascott's first property in Yogyakarta in Indonesia and Miri in Malaysia. Ascott has also won the contract to manage a property in Binh Duong province of Vietnam and added a second serviced residence in Seoul, its third in South Korea. Ascott currently manages over 42,000 units in 94 cities across 26 countries, making it one of the biggest in the business globally.

Among the top gainers, Jardine Cycle and Carriage rose 1.7 percent to 29.01 Singapore dollars, while Jardine Matheson dropped 0.5 percent to 49.43 U.S. dollars. (1 U.S. dollar equals to 1.42 Singapore dollars) Endi