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Roundup: Singapore stocks end down 0.86 pct

Xinhua, December 8, 2015 Adjust font size:

Singapore shares closed 0.86 percent lower on Tuesday, as oil prices tumbled to an almost seven-year low.

A selloff in energy shares dragged the U.S. stocks lower overnight. Crude-oil futures in New York fell more than 5 percent to below 38 U.S. dollars a barrel as fears of a global supply glut deepened after a meeting of the Organization of the Petroleum Exporting Countries ended last week with no agreement to cut production.

Singapore's benchmark Straits Times Index shed 24.89 points to 2,876.03 points. Trading volume was 991 million shares worth 913 million Singapore dollars. Decliners outnumbered advancers 276 to 108, while 547 stocks did not move.

Neptune Orient Lines dropped 0.4 percent to 1.22 Singapore dollars. French container shipping giant CMA CGM is to buy Singapore's Neptune Orient Lines for 3.4 billion Singapore dollars, or 1.30 Singapore dollars a share in cash, making its biggest-ever acquisition to help it to ride out a severe market downturn. Neptune Orient Lines' majority owner, Singapore state investor Temasek Holdings, has agreed to tender its stake of nearly 67 percent. CMA CGM will make a mandatory cash offer for the remaining shares from minority shareholders.

MM2 Asia closed flat at 78.5 Singapore cents. It will raise approximately 5 million Singapore dollars in net proceeds from a 6.4 million new share placement to three investors, namely Hesheng Media, Apex Capital and Maxi-Harvest Group at a proposed issue price of 78.72 Singapore cents per placement share, which represents a premium of approximately 0.33 percent to the average weighted price on Dec. 4.

Hesheng Media is a Chinese media company that aims to be the integrated marketing strategic partner for growing businesses by providing solutions in market positioning, media market research, advertising, and media buying. Both Maxi-Harvest and Apex Capital are private investment entities. MM2 Asia will use the net proceeds of the proposed placement entirely for general working capital purposes.

Among the top gainers, Singapore Airlines jumped 3.9 percent to 10.98 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.6 percent to 49.60 U.S. dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Enditem