Roundup: Singapore stocks end down 1.58 pct

Singapore shares closed 1.58 percent lower on Tuesday, as market sentiment was hit after China released a set of downbeat February trade data.

China's exports fell 25.4 percent from a year earlier, while imports fell by 13.8 percent, both fell short of analysts' expectations. Investors now turn focus to the policy meeting of European Central Bank on Thursday, which is widely expected to ease monetary policy further, but there is a lot of uncertainty about how far it would go.

DBS Group Research said "given the sharp rise over the past 2 weeks, we expect a pullback from the 2,840 point level. Still, March to April is traditionally a benign period for Singapore market as blue chips tend to be better supported ahead of their ex-dividend period. We see near-term pullback support at 2,770 points before heading for 2,900 points."

Singapore's benchmark Straits Times Index dropped 44.74 points to 2,778.77 points. Trading volume was 2.6 billion shares worth 1.39 billion Singapore dollars. Decliners outnumbered advancers 304 to 128, while 491 stocks did not move.

OUE Hospitality Trust lost 1.3 percent to 75.5 Singapore cents. It plans to raise around 238.6 million Singapore dollars through a rights issue to fund the acquisition of a hotel asset. The new stapled securities, which are priced at 54 Singapore cents, will be offered to eligible security-holders at a ratio of 33 rights stapled securities for every 100 existing stapled securities in OUE Hospitality Trust. The issue price represents a discount of about 29.4 percent to the closing price of 76.5 Singapore cents on Monday.

Among the top gainers, Osim International jumped 12.2 percent to 1.375 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 0.9 percent to 53.89 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endit