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Singapore stocks end down 0.09 pct

Xinhua, October 25, 2016 Adjust font size:

Singapore shares closed 0.09 percent lower on Tuesday, as a lack of fresh catalysts kept many investors on the sideline.

Investors shrugged off news that merger and acquisition activities as well as strong economic data boosted U.S. stocks overnight.

The Markit survey of U.S. manufacturing climbed to a one-year top of 53.2, while business activity in the Euro-zone also expanded at the fastest pace this year so far in October and firms raised prices at the sharpest rate in more than five years.

The better news led investors to believe there will be a December rate hike from the U.S. Federal Reserve.

DBS Group Research said "we keep our view for the Straits Times Index to be range bound from 2,750 points to 2,850 points, as the earnings season unfolds against the backdrop of a quarter-on-quarter contraction in third-quarter gross domestic product and uncertainty surrounding the outcome of the U.S. presidential elections in two weeks'time."

Singapore's benchmark Straits Times Index inched down 2.63 points to 2,854.05 points. Trading volume was 1.49 billion shares worth 765 million Singapore dollars. Decliners outnumbered advancers 230 to 171, while 497 stocks did not move.

CapitaLand shed 0.3 percent to 3.16 Singapore dollars. It announced the successful establishment of its third integrated development private investment vehicle in China -- Raffles City China Investment Partners III (RCCIP III).

The partnership has fully closed at 1.5 billion U.S. dollars, making it the largest private capital raising exercise that CapitaLand has originated. RCCIP III, with a life of eight years, will invest in prime integrated developments in gateway cities in China.

Among the top gainers, Jardine Cycle and Carriage rose 1.2 percent to 42.78 Singapore dollars, whereas Singapore Airlines became one of the top losers by falling 1.1 percent to 10.27 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endit