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Roundup: Singapore stocks end down 0.99 pct

Xinhua, October 27, 2015 Adjust font size:

Singapore shares closed 0.99 percent lower on Tuesday, as investors turned cautious ahead of U.S. Federal Reserve's policy meeting later in the day and Wednesday.

Investors expected no U.S. rate hike this week, but could react to how the Federal Reserve's statement interprets recent soft U.S. economic data and events in global financial markets.

U.S. markets ended slightly lower overnight as all eyes were on Apple's results later Tuesday with investors anxious to hear from Apple how many new phones were sold and its guidance for the current quarter.

DBS Group Research said China's rate cut over the weekend and hopes of more quantitative easing in December by the European Central Bank helped keep the market rebound alive as short-term liquidity improves. Expectations for the Federal Reserve to start raising rates have also faded.

Singapore's benchmark Straits Times Index fell 30.54 points to 3,052.53 points. Trading volume was 1.32 billion shares worth 954 million Singapore dollars. Decliners outnumbered advancers 285 to 132, while 513 stocks did not move.

CapitaLand rose 0.3 percent to 3.18 Singapore dollars. The real estate developer announced a joint venture to develop a residential complex in Vietnam valued at 55 million U.S. dollars. It has signed a deal with Saigon Commercial and Tourism Corporation, a unit of Thanh Nien Corporation to develop the site in District 2 of Ho Chi Minh City. CapitaLand will hold an 80 percent stake in the joint venture and Thanh Nien will hold the balance 20 percent.

Hyflux Limited rose 1.4 percent to 71 Singapore cents. The National Environment Agency (NEA) of Singapore signed a waste-to-energy services agreement with a consortium comprising Hyflux and Mitsubishi Heavy Industries. The consortium, through its project company, TuasOne Private Limited, will build Singapore's sixth waste-to-energy plant and provide waste-to-energy services to NEA over a 25-year period from 2019 to 2044. Hyflux owns a 75 percent stake in TuasOne while Mitsubishi owns the remaining 25 percent.

Among the top gainers, Jardine Strategic rose 1.3 percent to 30.10 U.S. dollars, whereas Jardine Matheson became one of the top losers by falling 0.9 percent to 53.54 U.S. dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Enditem