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Roundup: Singapore stocks end down 1.44 pct

Xinhua, September 28, 2015 Adjust font size:

Singapore shares closed 1.44 percent lower on Monday as investors were reluctant to buy stocks amid uncertainty over U.S. interest rate outlook.

Markets in Hong Kong, China's Taiwan and South Korea were closed Monday for a holiday. U.S. stocks were mixed last Friday amid lack of cues. Federal Reserve Chair Janet Yellen on Thursday said an interest rate hike is still possible before year-end, and strong second quarter U.S. gross domestic product (GDP) data released last Friday further sharpened the case for rate hike by year-end.

DBS Group Research said "we keep our view for the Straits Times Index to trek a downward bias to 2,750 points, likely over the next two to three weeks, before support emerges. Investors are likely to remain cautious ahead of the October Monetary Authority of Singapore policy meeting and the release of Singapore's third GDP on Oct. 14."

Singapore's benchmark Straits Times Index fell 40.72 points to 2,791.92 points. Trading volume was 950 million shares worth 965 million Singapore dollars. Decliners outnumbered advancers 295 to 108, while 528 stocks did not move.

Vard Holdings rose 1.1 percent to 44.5 Singapore cents. It announced that it has secured new contracts for the design and construction of two offshore subsea construction vessels (OSCV) for a new customer, Dubai-based Topaz Energy and Marine.

IPS Securex Holdings shed 1.3 percent to 78 Singapore cents. It announced that its controlling shareholder, IPS Technologies, will be completing the sale of 8.9 million shares, representing approximately 5.5 percent of the issued share capital to certain institutional investors at the price of 71 Singapore cents per share or for an aggregate consideration of 6.3 million Singapore dollars. After the sale, IPS Technologies will continue to hold approximately 51.20 percent stake in IPS Securex.

Among top gainers, SATS Limited rose 3.1 percent to 4.05 Singapore dollars, while Jardine Cycle and Carriage became one of the top losers by falling 2.2 percent to 27.35 Singapore dollars. (1 U.S. dollar equals to 1.43 Singapore dollars) Endi