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Roundup: Singapore stocks end down 0.79 pct

Xinhua, September 23, 2015 Adjust font size:

Singapore shares closed 0.79 percent lower on Wednesday, as fear over global economic slowdown grew after China reported weak factory survey.

The Caixin flash China manufacturing purchasing mangers' index (PMI) for September falls to 47.0 from 47.3 in August, hitting the lowest level in six-and-a-half years. A reading above 50 indicates expansion from the previous month, while a reading below that indicates contraction.

U.S. stocks fell overnight as concerns about the global economy continued after the Federal Reserve held back rate hikes last week. Singapore bourse will be closed on Thursday for a public holiday.

The benchmark Straits Times Index fell 22.73 points to close at 2,845.74 points. Trading volume was 1.35 billion shares worth 1.24 billion Singapore dollars. Decliners outnumbered advancers 239 to 153, while 542 stocks closed unchanged.

Among top actives, Rowsley Limited jumped 8.8 percent to 16.1 Singapore cents. It said it will convert its Iskandar project in Malaysia into a healthcare hub instead of a mixed-use township. The healthcare hub will include a specialist hospital, long-term care facilities, a medical school and a wellness resort. The project, which will be built in phases, is expected to have a gross development value of 1.2 billion U.S. dollars.

Innopac Holdings closed flat at 0.4 Singapore cents. It has signed a Joint Venture Agreement with Primeforth Renewable Energy to commercially cultivate microalgae and engage in its downstream activities which include the production of biofuel, pharmaceuticals and nutraceuticals. The joint venture will have an initial issued share capital of 1 million Singapore dollars.

Among the top gainers, Singapore Airlines rose 1.9 percent to 10.81 Singapore dollars, while DBS Group dropped 1.8 percent to 16. 90 Singapore dollars. (1 U.S. dollar equals to 1.42 Singapore dollars) Endi