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Roundup: Singapore stocks end down 1.09 pct

Xinhua, November 25, 2015 Adjust font size:

Singapore shares closed 1.09 percent lower on Wednesday as geopolitical tensions flared after Turkey downed a Russian fighter jet.

Turkey shot down a Russian aircraft near the Syrian border on Tuesday, saying the jet had violated its air space. It was one of the most serious publicly acknowledged clashes between Russia and a member country of North Atlantic Treaty Organization (NATO) for half a century. Russian President Vladimir Putin has called Turkey "accomplices of terrorists" and warned of "serious consequences."

The incident briefly sparked oil supply fears and sent crude prices surging overnight to two-week highs, but prices eased in Asian trades.

Singapore's benchmark Straits Times Index fell 31.91 points to 2,891.58 points. Trading volume was 985 million shares worth 1.05 billion Singapore dollars. Decliners outnumbered advancers 249 to 166, while 519 stocks did not move.

Among top actives, Rowsley Limited rose 1.1 percent to 17.7 Singapore cents. It has teamed up with former Manchester United football stars Gary Neville and Ryan Giggs to redevelop Manchester's historic Northern Stock Exchange building into a boutique hotel.

Rowsley will take a 50-percent stake in Finestday, the company that owns the Northern Stock Exchange building, for 6.9 million Singapore dollars. Rowsley said hotel occupancy rates in Manchester have been rising, reaching 79 percent from January to September this year and that Manchester has attracted many big corporations including Google, Kellogg's and Siemens in recent years as operating costs in London continue to climb.

SembCorp Marine dropped 0.9 percent to 2.15 Singapore dollars. Marco Polo Marine has initiated a legal process seeking refund of 21.4 million U.S. dollars from the rig builder. Last week, Marco Polo Marine issued a notice of termination of a rig contract saying that PPL Shipyard, the subsidiary of SembCorp Marine, failed in its contractual obligations after Marco Polo found cracks in the legs of the rig during two separate rounds of tests. PPL Shipyards said that it disagreed with the allegations in the announcement made by Marco Polo Marine.

Among the top gainers, Cordlife Group Limited jumped 8.2 percent to 1.32 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.9 percento 49.92 U.S. dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Endit