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Roundup: Singapore stocks end down 0.17 pct

Xinhua, October 10, 2016 Adjust font size:

Singapore shares closed 0.17 percent lower on Monday, as holidays in major markets such as Tokyo and Hong Kong limited market activities in the city state.

The weak performance in the U.S. and European markets due to lower oil prices on Friday also weighed on investors' sentiment.

DBS Group Research forecast the Straits Times Index to trade between 2,750 points and 2,950 points for the rest of the year.

As the blue chips index is likely to remain range bound over the next two months, DBS thought the recent interest uptick in small-and-medium companies and penny stocks should continue, albeit on a selective and situational basis rather than broad based.

Singapore's benchmark Straits Times Index fell 5 points to 2,870.24 points. Trading volume was 2.21 billion shares worth 632 million Singapore dollars. Advancers outnumbered decliners 197 to 181, while 523 stocks did not move.

Among top actives, Noble Group Limited rose 3.1 percent to 19.8 Singapore cents. The commodities trader said it has signed a deal valued at 1.05 billion U.S. dollars with Calpine Corporation to sell its American energy business to the U.S. power generation giant.

Noble will be paid 800 million U.S. dollars for Noble Americas Energy Solutions. In addition, Noble will be repaid 248 million U.S. dollars of the unit's working capital.

The divestment will release 275 million U.S. dollars in letters of credit and surety bonds, which will now be available to Noble.

SunMoon Food Company soared 54.4 percent to 10.5 Singapore cents. The fruits trading company announced it plans to place out 333.3 million new shares at 4.5 Singapore cents to an existing business partner, Shanghai Yiguo E-commerce (Yiguo), a leading fresh food e-commerce player in China.

Upon completion of the placement, Yiguo will own 51 percent of the enlarged company. In addition to the new shares, Yiguo will also receive free warrants at the ratio of one warrant for each two placement shares subscribed. The warrants are to be exercised at 5.4 Singapore cents per share.

Among top gainers, Jardine Strategic rose 1 percent to 33.90 U.S. dollars, while City Development Limited became one of the top losers by falling 0.7 percent to 9.07 Singapore dollars. (1 U.S. dollar equals to 1.37 Singapore dollars) Endit