Off the wire
• New private bank approved in central China  • Fresh civilian killings push Indian-controlled Kashmir on edge  • China's Internet users total 710 mln  • China Focus: Chinese geneticist defends high-profile findings  • CPN (Maoist Center)Chairman Pushpa Kamal Dahal elected as 39th Prime Minister of Nepal  • S. Korea denounces DPRK's ballistic missile launches  • Typhoon Nida affected 495,000 people in China: ministry  • 2nd LD Writethru-China Focus: Underground church leader gets 7.5 years in prison for subversion  • Xinhua Insight: Didi, Uber merger stokes monopoly concerns  • Roundup: South African local elections kick off with high gear  
You are here: 　 Home

Singapore stocks end down 1.02 pct

Xinhua, August 3, 2016 Adjust font size:

Singapore shares closed 1.02 percent lower on Wednesday, as another weak session in Wall Street weighed on investors' sentiment.

U.S. stocks continued to fall as continued weakness in oil price and a lackluster consumer spending data rekindled growth concerns. U.S. oil prices fell to fresh three-month lows in overnight trade as investors turned cautious ahead of weekly inventory data. Concerns rose that inventory report from the U.S. Energy Information Administration due later Wednesday would show crude oil supply at high levels.

Meanwhile, investors' sentiment was also affected by latest data that showed China's service sector grew slower in July. Caxin China's July service purchasing managers' index fell to 51.7 in July, down from 52.7 last month.

Singapore's benchmark Straits Times Index fell 29.09 points to 2,827.58 points. Trading volume was 1.25 billion shares worth 1.3 billion Singapore dollars. Decliners outnumbered advancers 210 to 168, while 528 stocks did not move.

Sunningdale Tech fell 1 percent to 1.01 Singapore dollars. It reported a 37 percent on-year drop in second-quarter net profit to 3.8 million Singapore dollars, largely led by a one-off restructuring cost for its plant in Southern China.

Excluding the impact of foreign exchange gains and restructuring costs, its net profit would have increased 33 percent to 7 million Singapore dollars. Its revenue was flat at 166.6 million Singapore dollars, up 0.8 percent on-year. The increase came from the automotive and healthcare segments, owing to more orders from existing and new projects.

PACC Offshore Services Holdings sank 8.8 percent to 31 Singapore cents. It reported a net loss of 17.6 million U.S. dollars in the second quarter as low oil prices and overcapacity in the industry hurt business. It made a profit of 6.1 million U.S. dollars a year ago. Its revenue for the quarter shrunk to 46.1 million U.S. dollars, down from 71.02 million U.S. dollars.

Among the top gainers, Venture Corporation rose 0.9 percent to 9.01 Singapore dollars, whereas Jardine Cycle and Carriage became one of the top losers by sinking 4.1 percent to 40.90 Singapore dollars. (1 U.S. dollar equals to 1.34 Singapore dollars) Endit