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Singapore stocks end down 0.2 pct

Xinhua, June 27, 2016 Adjust font size:

Singapore shares closed 0.2 percent lower on Monday, as investors remained cautious amid uncertainty sparked by Britain's decision to leave the European Union.

Questions liked how much the UK and European economies will slow, how the UK will negotiate their new trade relationship and how European leaders will try to boost the shaky European Union weighed on market sentiments throughout the day.

U.S. stock markets dropped more than 3 percent on June 24, dragged lower by bank stocks. The declines were the largest since August last year, pushing indexes now slightly in the red for 2016.

DBS Group Research said "we maintain our earlier view that in the event of Brexit, Straits Times Index should hold up at 2,630 points, which remains above the February low of 2,530 points. This is because Brexit's economic impact on Singapore is limited and the Singapore market valuation is already at historically low level."

Singapore's benchmark Straits Times Index fell 5.54 points to 2,729.85 points. Trading volume was 949 million shares worth 1.13 billion Singapore dollars. Decliners outnumbered advancers 205 to 160, while 542 stocks did not move.

PACC Offshore Services Holdings fell 0.4 percent to 36 Singapore cents. It received a charter contract from Royal Dutch Shell for a semi-submersible accommodation vessel. The vessel, called POSH Arcadia, will be deployed to provide accommodation support for the Shell Prelude floating natural liquefied natural gas Project in the Browse Basin, off the north-west coast of Western Australia.

City Development Limited fell 3.7 percent to 8 Singapore dollars. The real estate developer said it has confidence in the long-term fundamentals of the UK economy, adding that in the last two years, all of its acquisitions in the UK have been outside Central London and a majority of the UK development projects cater to the local market there. This helps to insulate the projects from any potential impact of UK's impending exit from the European Union.

Among top gainers, Jardine Matheson rose 0.5 percent to 54.57 U.S. dollars, while Jardine Cycle and Carriage became one of the top losers by falling 0.9 percent to 32.60 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars) Endit