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Singapore stocks end down 0.89 pct

Xinhua, October 26, 2016 Adjust font size:

Singapore shares closed 0.89 percent lower on Wednesday, as investors treaded cautiously amid more earnings reports from companies.

The big three local banks will start reporting their earnings from Thursday onwards, and analysts are quite downbeat on their results.

The trading sentiment was also affected by overnight performance of the U.S. markets, which were lower due to mixed earnings forecast from by bellwethers Catherpillar Inc, 3M and United Technologies. Oil fell more than 1 percent in overnight trade following comments by Russia's envoy at Organization of the Petroleum Exporting Countries (OPEC) that "output cuts are not an option."

Singapore's benchmark Straits Times Index fell 25.48 points to 2,828.57 points. Trading volume was 1.29 billion shares worth 734 million Singapore dollars. Decliners outnumbered advancers 243 to 154, while 501 stocks did not move.

SembCorp Marine fell 3 percent to 1.275 Singapore dollars. It reported a net loss of 21.8 million Singapore dollars for third quarter, compared with earnings of 32.1 million Singapore dollars in the same period last year.

Its revenue also declined 21.4 percent to 888 million Singapore dollars, as customers requested for delivery deferment in its rig building projects and the group saw lower volumes in its repair business.

COSCO Corporation inched down 1.9 percent to 26 Singapore cents. It expects third-quarter loss to expand compared to the net loss recorded in the corresponding period in the previous financial year.

The weaker results are expected to be mainly attributable to cancellations of several orders as well as delivery postponements of several offshore projects. This would result in lower revenue recognition, higher construction costs and increase in provisions. The quarterly result announcement is scheduled to be released on November 11.

Among the top gainers, Jardine Strategic rose 1.1 percent to 34.55 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.5 percent to 42.58 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endit