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Roundup: Singapore stocks end down 0.42 pct

Xinhua, November 9, 2015 Adjust font size:

Singapore shares closed 0.42 percent lower on Monday, as the fall in China's export in October weighed on investors' sentiment.

Over the weekend, data showed Chinese exports in October fell for the fourth consecutive month by 6.9 percent year-over-year in U.S. dollar terms, after a drop of 3.7 percent in September. The October figure was worse than market expectation.

Meanwhile, a strong October jobs report in the U.S. last Friday raised expectations that the U.S. Federal Reserve will raise interest rates next month. Singapore bourse will be closed on Tuesday for a national holiday.

DBS Group Research said, "with one more week to go before the end of the (Singapore companies') third-quarter results reporting season, we have cut financial year 2015 and 2016 earnings by 3.5 percent and 4.9 percent respectively.

There is still no respite from earnings downgrades which we have seen for the past one year. Oil and gas sectors saw the steepest cut in earnings."

Singapore's benchmark Straits Times Index fell 12.75 points to 2,997.72 points. Trading volume was 1.17 billion shares worth 1.01 billion Singapore dollars. Decliners outnumbered advancers 245 to 172, while 514 stocks did not move.

Among top actives, Neptune Orient Lines Limited rose 1 percent to 1.055 Singapore dollars.

The container shipper said it was in preliminary talks with CMA CGM SA and A.P. Moeller-Maersk on a potential acquisition deal. Neptune Orient Lines, controlled by Singapore's state investor Temasek Holdings, has been struggling in a prolonged downturn in the global shipping market. It has reported four years of consecutive losses.

Hyflux Limited fell 1.5 percent to 66.5 Singapore cents. It has entered into a joint venture agreement with Crystal Developers to jointly invest in a company incorporated in Tanzania to develop infrastructure, utilities and environmental solutions for an integrated township project in the Morogoro District of Tanzania. Hyflux is prepared to fund up to 22.5 million U.S. dollars over a period of 7 years for this project.

Among top gainers, Venture Corporation rose 3.1 percent to 8.53 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.4 percent to 53.78 U.S. dollars. (1 U.S. dollar equals to 1.43 Singapore dollars) Enditem