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Singapore stocks end down 0.53 pct

Xinhua, July 25, 2016 Adjust font size:

Singapore shares closed 0.53 percent lower on Monday, as investors took opportunity to sell stocks following rally in Wall Street on July 22.

U.S. stock prices continued to rise last week, supported by renewed strength in the technology and telecom sectors, and a stronger-than-expected report on manufacturing. But the strength of U.S. economic data in recent weeks has also revived speculation that the Federal Reserve may raise interest rates around the end of year.

Meanwhile, expectation of aggressive policy stimulus from Japan was dampened after Bank of Japan Governor Haruhiko Kuroda said on the sidelines of the Group of 20 meeting that while he would ease policy further if necessary to achieve its 2 percent inflation goal, he also stressed there was no discussion on "helicopter money", a radical policy of expanding fiscal stimulus financed by printing money.

DBS Group Research said "while the ability to rise above the 2,900 points level is a positive sign, we believe that a near-term 'higher-low' pullback to 2,860 points is due. The second-quarter earnings season has been weak thus far with a net earnings cut among companies that have released results."

Singapore's benchmark Straits Times Index fell 15.5 points to 2,929.85 points. Trading volume was 924 million shares worth 942 million Singapore dollars. Decliners outnumbered advancers 229 to 172, while 504 stocks did not move.

Among top actives, Spackman Entertainment Group rose 5.8 percent to 9.1 Singapore cents. The filmmaker announced that Alibaba Pictures Group has purchased the rights to distribute its new film in China.

Alibaba Pictures will distribute the Korean film called "Life Risking Romance" in movie theaters and online platforms in China. Spackman said the deal will likely help ensure wider distribution of the new film in China, and enhance Spackman's total earnings from it.

Among top gainers, Jardine Matheson rose 0.6 percent to 57.89 U.S. dollars, while UOB became one of the top losers by falling 1.1 percent to 18.84 Singapore dollars. (1 U.S. dollar equals to 1.36 Singapore dollars) Enditem