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Singapore stocks end down 0.21 pct

Xinhua, May 30, 2016 Adjust font size:

Singapore shares closed 0.21 percent lower on Monday, after Federal Reserve Chair Janet Yellen suggested that an interest rate hike could take place soon.

Yellen said last Friday the Federal Reserve should raise interest rates "in the coming months" if economic growth picks up and the labor market continues to improve.

Her comments were largely in tune with a chorus of other Federal Reserve officials who have indicated in recent weeks that policymakers could resume raising rates as soon as next month.

Investors increasingly took the interest rate hike in stride as they believed the U.S. economy was strong enough to weather another rate increase, following from the December hike. The Federal Open Market Committee will hold its next policy meeting on June 14 and 15.

Singapore's benchmark Straits Times Index fell 5.76 points to 2,796.75 points. Trading volume was merely 835 million shares worth 690 million Singapore dollars. Advancers outnumbered decliners 198 to 186, while 529 stocks did not move.

Among top actives, Noble Group sank 8.2 percent to 28 Singapore cents. The commodity trader announced that it had accepted the resignation of Chief Executive Yusuf Alireza. Senior executives William Randall and Jeff Frase have been appointed as co-chief executive officers. It also announced that it would shortly be starting the sale of Noble Americas Energy Solutions, adding that the transaction is expected to generate both significant cash proceeds and profits to substantially enhance the balance sheet.

Mermaid Maritime closed flat at 10.3 Singapore cents. The drilling and subsea engineering services provider announced it won contracts worth 11 million U.S. dollars for seven different subsea projects in the Middle East. Separately, it said it has signed a deal with China Merchants Industry Holdings to delay the delivery of two drilling rigs to Dec. 31 and a dive support vessel to June of next year from this year.

Among top gainers, Jardine Matheson rose 0.9 percent to 56 U.S. dollars, while Great Eastern Holdings became one of the top losers by falling 1.8 percent to 21 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endit