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Roundup: Singapore stocks end down 1.37 pct

Xinhua, September 10, 2015 Adjust font size:

Singapore shares closed 1.37 percent lower on Thursday, as most investors were sidelined ahead of the general election on Friday.

Local bourse will be closed on polling day. While there is little doubt that the ruling People's Action Party (PAP) will once again be returned to power, investors will watch closely whether the PAP will want improve on its performance in 2011, when it received its lowest share of the popular vote since independence as rapid immigration and the rising cost of living hurt the government's standing with the electorate.

Meanwhile, China's official data showed consumer inflation accelerating in August, rising 2 percent from a year earlier, compared with a 1.6 percent rise in July. But investors were alarmed by China's producer prices which fell for the forty-second straight month.

Singapore's benchmark Straits Times Index rose 40.15 points to 2,888.03 points. Trading volume was thin at 914 million shares worth 759 million Singapore dollars. Decliners outnumbered advancers 304 to 129, while 506 stocks did not move.

CDL Hospitality Trusts rose 3.4 percent to 1.365 Singapore dollars. It announced its maiden entry into the British market with the acquisition of Cambridge City Hotel (CCH) for 137.8 million Singapore dollars inclusive of transaction fees.

CCH is a 198-room upper upscale hotel located in the heart of Cambridge's city center and is one of the few hotels with meeting facilities. The acquisition will be fully funded with debt.

Global Logistics Properties fell 2.4 percent at 2.03 Singapore dollars. It announced it has signed new lease agreements totaling 90,000 square meters with five industry leaders in China, including auto parts, food manufacturer and third party logistics providers. Four of the leases were signed with repeated customers in order to meet the demand of their business expansion. One new customer relationship has also been established.

Among top gainers, Jardine Matheson rose 1.5 percent to 48.70 U. S. dollars, while Jardine Cycle and Carriage became one of the top losers by falling 3.2 percent to 28.97 Singapore dollars. (1 U.S. dollar equals to 1.42 Singapore dollars) Endi