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Roundup: Singapore stocks end down 0.63 pct

Xinhua, January 12, 2016 Adjust font size:

Singapore shares closed 0.63 percent lower on Tuesday, as crude oil prices approached a 20 percent drop in less than two weeks.

U.S. crude futures fell to a twelve-year low of 30.88 U.S. dollars per barrel overnight in U.S. market, down almost 16 percent so far this year. Brent crude futures also fell to a new twelve-year low.

Investors remained cautious ahead of the release of China's trade data due Wednesday. The sharp drops in oil price and China's stock markets had kept investors on edge since the beginning of the year.

DBS Group Research said "we maintain our view that declines to the 2,650 points and 2,700 points level is an opportunity to accumulate stocks for a rebound trade. The uncertainties from China should subside in the short-term as the Chinese yuan stabilizes, substantial shareholder sales are curbed and the circuit breaker system suspended."

Singapore's benchmark Straits Times Index fell 17.07 points to 2,691.78 points. Trading volume was 1.75 billion shares worth 1.02 billion Singapore dollars. Decliners outnumbered advancers 273 to 198, while 505 stocks did not move.

PACC Offshore Services Holdings closed flat at 29.5 Singapore cents. It has secured a project to provide towage and positioning services for the Shell Prelude floating liquefied natural gas (FLNG) platform - the world's largest offshore facility ever constructed. For the project, PACC Offshore will deploy five vessels.

SembCorp Industries shed 3.7 percent to 5.15 Singapore dollars. It inked a Memorandum of Understanding with Chongqing Energy Investment Group to explore a strategic partnership on a broad range of development areas, in line with China's "One Belt, One Road" initiative.

Owned by the Chongqing Municipal Government, Chongqing Energy Investment Group is one of the large-scale conglomerates in investment and industry in Chongqing, with business covering coal, electricity, natural gas, real estate, building materials, machineries and logistics businesses.

Among the top gainers, Jardine Matheson rose 1.3 percent to 48.76 U.S. dollars, whereas Keppel Corporation became one of the top losers by falling 7 percent to 5.15 Singapore dollars. (1 U.S. dollar equals to 1.44 Singapore dollars) Enditem