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Roundup: Singapore stocks end down 0.89 pct

Xinhua, February 2, 2016 Adjust font size:

Singapore shares closed 0.89 percent lower on Tuesday, as investors remained cautious after China's central bank injected more liquidity into the financial system again.

China's central bank injected 100 billion Chinese yuan in short-term loans to money markets, in a move to stave off potential liquidity squeezes ahead of the weeklong Lunar New Year holiday that starts Feb. 7. The Shanghai Composite Index soared 2.3 percent on Tuesday.

Singapore's benchmark Straits Times Index fell 23.18 points to 2,579.23 points. Trading volume was merely 669 million shares worth 993 million Singapore dollars. Decliners outnumbered advancers 210 to 167, while 546 stocks did not move.

Singapore eDevelopment jumped 24 percent to 3.1 Singapore cents. The property development and information technology firm announced a 7 million Singapore dollar share placement to its chief executive officer Chan Heng Fai, who was also the company's single-largest shareholder.

It will issue 117 million new shares to Chan at 6 Singapore cents apiece. Proceeds from the sale of shares will help improve balance sheet and provide working capital, including the use of 6.42 million Singapore dollars of the proceeds to redeem 5 million Singapore dollars worth of notes, helping it save on future interest payment costs.

SIA Engineering dropped 0.3 percent to 3.40 Singapore dollars. The aircraft maintenance and overhaul unit of Singapore Airlines reported a 6.7 percent rise in its fiscal third quarter net profit to 49.4 million Singapore dollars from 46.3 million Singapore dollars the previous year, mainly helped by one-time gains from associates. Its revenue rose 3.7 percent year-over-year to 275.2 million Singapore dollars. However, it said the outlook for the industry remains challenging and that it would continue to rationalize and streamline its core business.

Among the top gainers, Jardine Matheson rose 0.8 percent to 53.10 U.S. dollars, whereas UOB became one of the top losers by falling 2.1 percent to 17.39 Singapore dollars. (1 U.S. dollar equals to 6.581 Chinese yuan and 1.43 Singapore dollars) Endit