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Singapore stocks end down 0.47 pct

Xinhua, November 4, 2016 Adjust font size:

Singapore shares closed 0.47 percent lower on Friday, as worries over U.S. presidential election continued to weigh on market sentiment.

U.S. stocks fell again overnight amid continue anxiety over next week's Presidential Election outcome and as investors await October job numbers later in the day. Latest polls show that Clinton's lead over Trump has narrowed to 2 percent from a high of 7 percent in mid-October. Market in average expects U.S. October non-farm payrolls figure to register 173,000 with the unemployment rate improving to 4.9 percent.

Meanwhile, oil price also continued to fall with Brent crude futures down to about 46 U.S. dollars per barrel as doubts mount about major oil producers' ability to implement a product freeze.

Singapore's benchmark Straits Times Index fell 13.28 points to 2,788.80 points. Trading volume was 1.5 billion shares worth 1.1 billion Singapore dollars. Decliners outnumbered advancers 224 to 160, while 516 stocks did not move.

Singapore Airlines fell 1.6 percent to 9.95 Singapore dollars. It reported a 70 percent fall in second-quarter earnings to 64.9 million Singapore dollars as excess capacity and aggressive pricing by competitors depressed yields. Its operating profit fell 20 percent to 79 million Singapore dollars, while subsidiary SilkAir's operating profit also fell 20 percent to 17 million Singapore dollars. However, its two subsidiaries Scoot and Tiger Airways registered operating profits of 5 million Singapore dollars and 3 million Singapore dollars respectively from losses a year ago.

Hi-P International fell 4 percent to 47.5 Singapore cents. Its third-quarter earnings have risen to 30.7 million Singapore dollars, 26.3 percent up from a year ago due to "improved manufacturing efficiencies". Although its revenue fell 1.7 percent to 387.3 million Singapore dollars in third quarter, gross profit grew 2 percent to 54.6 million Singapore dollars in the quarter.

Among top gainers, Great Eastern Holdings rose 0.5 percent to 20.36 Singapore dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 0.3 percent to 41.90 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars) Endit