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Roundup: Singapore stocks end down 0.07 pct

Xinhua, November 27, 2015 Adjust font size:

Singapore shares closed 0.07 percent lower on Friday, as investors grappled with the prospects of higher U.S. borrowing costs and weaker commodity prices.

U.S. Federal Reserve signaled again that it will hike rate next month when Stanley Fischer, the vice-chairman of Federal Reserve, said the central bank has telegraphed its imminent interest rate hike so well to avoid rate liftoff surprise.

Commodity prices were pressured, with copper near six-and-a-half year lows and a major sea freight index hitting its lowest level on record, underscoring worries over slackening world demand.

Singapore's benchmark Straits Times Index dropped 1.92 points to 2,917.91 points. Trading volume was 999 million shares worth 752 million Singapore dollars. Decliners outnumbered advancers 227 to 161, while 548 stocks did not move.

Among top actives, Noble Group dropped 2.4 percent to 41.5 Singapore cents. The commodity trading firm suffered fresh blow after the rating agency Fitch said the firm has "just enough" liquidity to cover its short-term commitments in the next 12 months and support its rating.

Fitch expected Noble to improve its core operations in the fourth quarter, but warned that "any deterioration of the company's liquidity profile -- especially a further deterioration of committed undrawn facilities -- is likely to result in negative ratings action."

Cosco Corporation halted trading on Friday. The Chinese shipbuilder said its indirectly-owned subsidiary Cosco Dalian Cosco (Dalian) Shipyard has signed a contract to build two oil tankers for delivery in fourth quarter of 2017 and first quarter of 2018. The company did not identify the shipowner nor did it disclose the contract value, saying both parties agreed to keep it confidential.

It also revealed it has received an order cancellation for one of two bulk carriers that it was building for a European company. One of the vessels is scheduled for delivery in second quarter next year. The cancelled vessel is scheduled for delivery in third quarter of next year. The contract was signed on July 22, 2014 between Cosco Dalian and the European shipowner.

Among top gainers, Singapore Airlines rose 1.1 percent to 10.70 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.8 percent to 50.63 U.S. dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Enditem