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Roundup: Singapore stocks end down 1.47 pct

Xinhua, September 4, 2015 Adjust font size:

Singapore shares closed 1.47 percent lower on Friday, as investors were cautious before the release of U.S. employment report for August.

U.S. shares ended up on Thursday, though they pared back much of earlier gains. A strong jobs number could rekindle speculation of an early rate hike, which could hurt stock prices, particularly in emerging economies. Market in average expects the U.S. economy to have produced 220,000 new non-farm jobs last month, continuing the robust employment creation of the past five years, while average hourly earnings are predicted to have risen by a modest 0. 2 percent, as they did in July.

Singapore's benchmark Straits Times Index fell 42.62 points to 2,863.81 points. Trading volume was 1.16 billion shares worth 1.12 billion Singapore dollars. Decliners outnumbered advancers 274 to 145, while 517 stocks did not move.

Ascott Residence Trust fell 0.4 percent to 1.21 Singapore dollars. It announced the disposal of six rental properties located in Kyoto, Saga and Sendai in Japan for about 52.6 million Singapore dollars. This is 12.5 percent above the valuation of the properties as at end June 2015. After adjusting for transaction fees, the estimated net gain from the sale is 3.4 million Singapore dollars. The net sale proceeds may be used for future asset enhancement initiatives, capital expenditure, acquisitions or distribution to unitholders. Pending such deployment, the net sale proceeds will be used to pare down debt.

Magnus Energy Group Limited closed flat at 1 Singapore cents. It announced that it has signed a non-binding memorandum of understanding (MOU) with Flagship Ecosystems Private Limited, a water treatment company. Flagship Ecosystems provides mobile water treatment units to oil rigs and sells water treatment systems to the oil and gas as well as textile industries. The agreement is to invest 1 million Singapore dollars in the enlarged capital of Flagship Ecosystems. This investment is subject to satisfactory due diligence and definitive legal agreements.

Among top gainers, SATS Limited rose 5.4 percent to 3.71 Singapore dollars, while Jardine Matheson became one of the top losers by falling 2.2 percent to 49.20 U.S. dollars. (1 U.S. dollar equals to 1.42 Singapore dollars) Endi