Roundup: Singapore stocks end down 1.95 pct

Singapore shares closed 1.95 percent lower on Wednesday, as oil prices retreated after Saudi Arabia effectively ruled out production cuts by major producers anytime soon.

Stock market sentiment across the world was dampened by news that Saudi Arabia denied the agreement by four major oil producers to freeze output at January levels was a prelude to production cuts.

U.S. stocks fell overnight with energy and material sectors being a major drag as oil prices quickly gave up Monday's hefty gains.

Chinese shares opened higher on Wednesday but soon surrendered the gains in tandem with the weak oil prices.

Singapore's benchmark Straits Times Index fell 52.11 points to 2,619.96 points. Trading volume was 1.3 billion shares worth 1.57 billion Singapore dollars. Decliners outnumbered advancers 255 to 127, while 546 stocks did not move.

Neptune Orient Lines closed flat at 1.25 Singapore dollars.

The shipping company narrowed its fourth-quarter loss to 75.45 million U.S. dollars as it cut costs amid ongoing weakness in the industry.

For the full year, it swung to a net profit of 707.2 million U.S. dollars, or 27.27 U.S. cents per share, from a year-ago loss of 259.8 million U.S. dollars.

Its revenue fell 28 percent during the quarter to 1.3 billion U.S. dollars amid planned capacity cuts, void sailings, weak container trade demand and a challenging freight rate environment.

Sheng Siong Group Limited inched up 0.6 percent to 87 Singapore cents.

The supermarket group reported a near 24 rise in profit to 14.61 million Singapore dollars in the fourth quarter from a year ago, lifted by higher gross margins.

Its revenue edged up by close to 5 percent to 187.1 million Singapore dollars due to the contribution of new stores.

For the full year, its net profit rose 19.3 percent to 56.78 million Singapore dollars due to higher revenue, improved gross margin, higher than other income and net tax refunds.

Its full-year revenue increased 5.3 percent to 764.43 million Singapore dollars.

Among the top gainers, Jardine Matheson rose 0.3 percent to 57.75 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 5.2 percent to 36.08 Singapore dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Enditem