Singapore stocks end down 0.69 pct

Singapore shares closed 0.69 percent lower on Friday, after U.S. stocks fell amid disappointing earnings from U.S. blue chip companies.

Google's parent-company Alphabet, Microsoft, Visa and Starbucks all reported disappointing quarterly earnings. Verizon Communications warned that a strike would likely impact its earning performance.

DBS Group Research said "Straits Times Index stayed below the 2,965 point level thus far this week. We keep this level as the near-term cap ahead of the U.S. Federal Reserve's policy meeting next week. While the Federal Reserve is expected to keep rates unchanged, investors will be listening closely to the Federal Reserve's comments, seeking hints as to when the next hike will be and how fast rates will rise."

Singapore's benchmark Straits Times Index fell 20.35 points to 2,940.43 points. Trading volume was 1.25 billion shares worth 1 billion Singapore dollars. Decliners outnumbered advancers 221 to 163, while 527 stocks did not move.

Wee Hur Holdings Limited rose 1.8 percent to 28 Singapore cents. It won a 82.2 million Singapore dollar contract to build a five-storey warehouse for Mapletree Logistics Trust. Construction works will commence in next month and is expected to end in September next year. This newly-acquired contract strengthens the Wee Hur's order book to an estimated 345.9 million Singapore dollars.

Guocoland Limited shed 0.5 percent to 1.88 Singapore dollars. The property developer reported net profit plunged 77 percent on-year to 11.31 million Singapore dollars for the third quarter ending March 31. Its revenue also slipped 49 percent to 165.95 million Singapore dollars, mainly due to an en-bloc sale of serviced apartments in Shanghai Guoson Center in the year-ago period.

Among top gainers, Great Eastern Holdings rose 0.8 percent to 22.27 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.5 percent to 60 U.S. dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endit