Roundup: Singapore stocks end down 1.24 pct

Singapore shares closed 1.24 percent lower on Tuesday, as investors trimmed their holdings after U.S. markets fell overnight. US stocks slipped on Monday, led by energy stocks as oil price continued to weaken amid renewed concerns over a supply glut as Saudi Arabia cut prices to Asian customers and U.S. drillers boost rigs for a fifth week.

DBS Group Research said "the post-BREXIT rally lifted the Straits Times Index to re-test April's high of around 2,960 points. We believe that the recovery has run its course given the weak earnings trend and price-earning valuation. Theearnings recession' trend looks set to continue, dragged lower by banks that are index heavyweights and rig-builders."

Singapore's benchmark Straits Times Index fell 35.85 points to 2,856.67 points. Trading volume was 1.31 billion shares worth 1.04 billion Singapore dollars. Decliners outnumbered advancers 308 to 128, while 470 stocks did not move.

Genting Hong Kong shed 3.6 percent to 26.5 U.S. dollars. It is expected to record a consolidated net loss in the range of 60 million U.S. dollars to 75 million U.S. dollars for first half, as compared with a net consolidated profit of 2.1 billion U.S. dollars for first half of last year. This is mainly attributable to the absence of a one-off accounting gain, one-time start-up and marketing costs for the launch of new cruise brands and products in 2016, and higher overall operating expenses.

Among the top gainers, Jardine Cycle and Carriage rose 2.4 percent to 42.67 Singapore dollars, whereas Singapore Airlines became one of the top losers by falling 4 percent to 10.61 Singapore dollars. (1 U.S. dollar equals to 1.34 Singapore dollars) Endit