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Roundup: Singapore stocks end down 1.03 pct

Xinhua, September 15, 2015 Adjust font size:

Singapore shares closed 1.03 percent lower on Tuesday, as uncertainty over U.S. interest rate outlook continued to weigh on market sentiment.

U.S. stocks finished lower on Monday, with investors cautious ahead of the U.S. Federal Reserve's key interest rate meeting this week.

DBS Group Research said "the local equity market lacks positive catalysts amid rising risks of a technical recession in third quarter and ongoing macro uncertainties. Citing external headwinds, our Singapore economist lowers his (Singapore) gross domestic product growth forecast for 2015 to 1.8 percent, down from our previous forecast of 2.4 percent and below the official forecast range of 2.0 percent and 2.5 percent."

Singapore's benchmark Straits Times Index dropped 29.53 points to 2,841.94 points. Trading volume was 1.34 billion shares worth 1. 5 billion Singapore dollars. Decliners outnumbered advancers 241 to 167, while 529 stocks did not move.

ARA Asset Management shed 1.1 percent to 1.41 Singapore dollars. It is raising 325 million U.S. dollars in a new separate account, backed by an Asian-based sovereign wealth fund. This fund will have an initial term of 10 years, with options to renew. The fund will have an "upsize option" which means that ARA can call for additional capital commitments in the future when opportunity arises.

ASL Marine rose 4.2 percent at 37.5 Singapore cents. It is looking to benefit from new demand for harbor craft as demand wanes for offshore support vessels on the double whammy of a lower oil price environment and a developing supply glut. It said that its shipbuilding division is monitoring potential new-build vessel demand from the plan of Indonesia's sea communications directorate to build hundreds of harbor support vessels. ASL Marine has also highlighted its investment interest in building a harbor support fleet.

Among the top gainers, Uni-Asia Holdings Limited jumped 11.9 percent to 1.32 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 2.2 percent to 46.21 U.S. dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Endi