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Roundup: Singapore stocks end down 0.05 pct

Xinhua, March 10, 2016 Adjust font size:

Singapore shares closed 0.05 percent lower on Thursday as investors continued to wait for the outcome of the European Central Bank policy meeting due later in the day.

Expectations in the market are high that the authorities will up the game in providing further monetary stimulus. Policy action is expected to be a combination of a further cut in the deposit rate by another 10 basis points to -0.40 percent, expand the range of assets to buy, and increase bond purchases.

DBS Group Research said "these changes are largely factored-in (by the market), with an element of surprise necessary to improve the potency of policy actions."

Singapore's benchmark Straits Times Index inched down 1.31 points to 2,809.12 points. Trading volume was 2.39 billion shares worth 988 million Singapore dollars. Decliners outnumbered advancers 203 to 186, while 530 stocks did not move.

UOB gained 0.5 percent to 18.49 Singapore dollars. It announced it has priced the issue of its 500 million U.S. dollar subordinated notes due 2026 and callable in 2021 under its medium term note program. Priced at 99.574 percent of their principal amount, the notes bear an interest rate of 3.5 percent per annum payable in arrears semi-annually. The first call date and maturity dates for the notes are Sept. 16, 2021, and Sept. 16, 2026, respectively. The issue date of the notes is currently expected to be March 16, 2016. SembCorp Marine inched down 0.6 percent to 1.735 Singapore dollars. It announced that it has acquired an additional 44 percent equity stake for 38 million U.S. dollars. This will bring its stake in Gravifloat to 56 percent, making it a subsidiary of SembCorp Marine. Under the agreement, SembCorp Marine will eventually increase its stake by a further 44 percent to 100 percent through an equity purchase at the same price. The consideration will be funded by internal cash.

Among the top gainers, Jardine Matheson rose 1.5 percent to 54 U.S. dollars, whereas Keppel Corporation became one of the top losers by falling 1.7 percent to 5.90 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endit