Singapore stocks end down 2.09 pct

Singapore shares closed 2.09 percent lower on Friday, as investors dumped shares after Britons voted to leave the European Union.

The shocking result of the referendum caused havoc across Asian financial markets, with the U.S. dollar hitting recent high against most the currencies in the region, and Asian stocks falling sharply amid market fears the decision will hit the already-sluggish world economy. Commodity markets slumped with oil prices falling more than 4 percent in Asian trading.

DBS Group Research said while equity markets will likely react negatively to the "leave" the European Union outcome, the Straits Times Index is expected to hold up at around the 2,700 points level or worst case 2,630 points, which remains above the January to February low of 2,530 points.

Singapore's benchmark Straits Times Index sank 58.46 points to 2,735.39 points. Trading volume was 1.37 billion shares worth 1.77 billion Singapore dollars. Decliners heavily outnumbered advancers 341 to 89, while 475 stocks did not move.

Among top actives, Noble Group fell 2.3 percent to 21.5 Singapore cents. The Singapore-listed commodities trader won overwhelming approval for a deeply discounted rights issue at a special general meeting, paving the way for the struggling company to raise additional cash in a bid to shore up its financials.

Noble Group is looking to raise cash after a tough year in which its stock price tanked and it lost its investment-grade rating, largely because of liquidity issues. It had received 98.87 percent approval for the rights issue, which will be carried out at the close on June 30 at 11 Singapore cents a share.

Among top gainers, Venture Corporation rose 2.1 percent to 8.63 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 3 percent to 54.30 U.S. dollars. (1 U.S. dollar equals to 1.36 Singapore dollars) Endit