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Singapore stocks end down 0.2 pct

Xinhua, May 31, 2016 Adjust font size:

Singapore shares closed 0.2 percent lower on Tuesday as investors weighed prospects of interest rate move by U.S. Federal Reserve this summer.

Global stock markets were little changed Monday in a quiet day of trading amid holidays in the U.S. and the United Kingdom. Investors continued to scrutinize comments from Federal Reserve officials closely after Federal Reserve Chair Jane Yellen on May 27 said an interest rate rise could soon be appropriate.

Meanwhile, crude oil futures traded roughly flat ahead of the Organization of the Petroleum Exporting Countries meeting on Thursday. Chinese stocks surged Tuesday on increased expectation that foreign funds are coming into the shares. Traders are taking bets that MSCI will include A-shares in its well followed emerging markets indices in June, triggers inflows of billions of offshore money into this market.

Singapore's benchmark Straits Times Index fell 5.69 points to 2,791.06 points. Trading volume was 1.4 billion shares worth 1.97 billion Singapore dollars. Advancers outnumbered decliners 220 to 168, while 524 stocks did not move.

Neptune Orient Lines inched down 0.4 percent to 1.29 Singapore dollars. French container-shipping giant CMA CGM does not intend to increase the offer price in making a final offer to buy the shares of Neptune Orient Lines it has not yet owned.

CMA CGM made an unchanged final offer at 1.30 Singapore dollars, which totals 2.4 billion U.S. dollars, late Monday evening taking forward its proposed acquisition of Neptune Orient Lines. The deal was approved by China's anti-monopoly bureau last week. This followed a similar approval from the European Commission's antitrust watch dog last month.

Among the top gainers, Jardine Matheson rose 1.8 percent to 57 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.6 percent to 33.80 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endit