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Roundup: Singapore stocks end down 1.54 pct

Xinhua, January 11, 2016 Adjust font size:

Singapore shares closed 1.54 percent lower on Monday, after U.S. stocks suffered its worst first week of the year in history.

U.S. markets continued to fall sharply last Friday, with benchmark Dow Jones Industrial Average down 6.2 percent and Nasdaq Composite Index sank 7.3 percent for the week. Investors were not optimistic about the upcoming fourth-quarter results season, as they expected stronger greenback and weak global economic growth to drag U.S. corporate earnings.

Meanwhile, China will announce key trade data this Wednesday, and market average forecast drops in both import and export numbers. Both the Shanghai Composite Index Shenzhen Composite Index fell after a modest recovery on Friday.

Singapore's benchmark Straits Times Index fell 42.38 points to 2,708.85 points. Trading volume was 1.8 billion shares worth 1.05 billion Singapore dollars. Decliners outnumbered advancers 342 to 90, while 493 stocks did not move.

Singapore Airlines inched down 0.5 percent to 10.96 Singapore dollars. Its offer for the shares in Tiger Airways has been declared wholly unconditional, which means the offer no longer required it and parties acting in concert with it to own more than 90 percent of Tiger Airways by the close of the offer.

Singapore Airlines announced on Nov. 6 last year the offer at an initial offer price of 41 Singapore cents per share. On Jan. 4, the offer price was raised to 45 Singapore cents per share, which will also be paid to shareholders who accepted at the initial offer price. The final offer price values Tiger Airways at 1.125 billion Singapore dollars.

Olam International rose 0.3 percent to 1.70 Singapore dollars. The commodity trader announced that it will buy the wheat milling and pasta manufacturing assets of BUA Group in Nigeria for 275 million U.S. dollars. The deal will strengthen Olam's position as the number two wheat miller by sales volume and make it a leading pasta player in Nigeria. The company said the purchase will be funded through a combination of debt and internal accruals.

Among top gainers, Jardine Matheson rose 0.3 percent to 48.15 U.S. dollars, while Jardine Strategic became one of the top losers by falling 1.7 percent to 25.75 U.S. dollars. (1 U.S. dollar equals to 1.43 Singapore dollars) Endit