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Roundup: Singapore stocks end down 0.63 pct

Xinhua, February 25, 2016 Adjust font size:

Singapore shares closed 0.63 percent lower on Thursday, as investors turned cautious after Shanghai bourse tumbled more than 6 percent.

Chinese investors took profits after a recent rebound in Shanghai and Shenzhen markets. Investors looked forward to the Group of 20 meeting of finance ministers and central bankers in Shanghai on February 26 to 27, as one potential catalyst for troubled, directionless markets.

Meanwhile, U.S. crude futures dropped to below 32 U.S. dollars per barrel in Asian trading amid renewed concern over slowing world growth.

Singapore's benchmark Straits Times Index fell 16.56 points to 2,603.40 points. Trading volume was 1.13 billion shares worth 1.18 billion Singapore dollars. Decliners outnumbered advancers 204 to 165, while 558 stocks did not move.

PACC Offshore Services Holdings gained 3.4 percent to 30 Singapore cents. It announced contract wins totaling 85 million U.S. dollars to charter five vessels in the Middle East. The contracts include one from a national oil company in Saudi Arabia for four new utility vessels for five years, starting from the first quarter of next year.

City Developments Limited rose 0.7 percent to 7.09 Singapore dollars. The property development firm reported its net profit in the October-to-December quarter rose 6.6 percent on-year to 410.5 million Singapore dollars on gains from the divestment of three properties to an investment firm it owns with Alpha Investment Partners, compared with 384.9 million Singapore dollars in the same period of the previous year.

The divestment will help City Developments to recycle funds for growth. Its revenue rose 1 percent on-year to 855 million Singapore dollars, but cost of sales declined 12.9 percent to 391.9 million Singapore dollars.

Among the top gainers, Jardine Cycle and Carriage rose 1.4 percent to 36.60 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 2.2 percent to 56.50 U.S. dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Enditem