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1st Ld Writethru: Singapore stocks end down 1.08 pct

Xinhua, November 9, 2016 Adjust font size:

Singapore shares closed 1.08 percent lower on Wednesday, as many investors sold shares in panic after Republican Donald Trump won the U.S. presidential election.

Wall Street is poised to tumble later in the day as index futures suffered more than 5 percent decline amid new flows that Trump led the election race throughout the vote count.

Gold, a traditional safe haven for investors in times of uncertainty, jumped as the U.S. dollar fell sharply against a basket of other leading currencies.

Singapore's benchmark Straits Times Index sank 30.36 points to 2,789.88 points. Trading volume soared to 2.24 billion shares worth 1.85 billion Singapore dollars. Decliners outnumbered advancers 318 to 113, while 472 stocks did not move.

Yangzijiang Shipbuilding Holdings rose 0.6 percent to 80.5 Singapore cents. It reported net profit of 281.2 million Chinese yuan for third quarter, a 59 percent decline from a year ago.

Its revenue fell 6 percent to 3.9 billion Chinese yuan as revenue from its largest shipbuilding business segment fell 19 percent due to the few numbers of vessels delivered during the quarter.

But its revenue from the group's trading business rose from 375.8 million Chinese yuan to 874.3 million Chinese yuan, and revenue from other shipbuilding related segments also rose from 55.1 million Chinese yuan to 81.2 million Chinese yuan.

CapitaLand fell 1 percent to 3.03 Singapore dollars. It reported a 28.4 percent rise in third quarter net profit to 247.5 million Singapore dollars from a year ago due to higher contributions from the group's residential businesses in Singapore and China, commercial portfolio in Singapore, shopping malls in China and Malaysia, as well as newly acquired serviced residences.

Among the top gainers, Japfa Limited jumped 4.8 percent to 98.5 Singapore cents, whereas Jardine Matheson became one of the top losers by falling 2.1 percent to 56.99 U.S. dollars. (1 U.S. dollar equals to 6.777 Chinese yuan and 1.39 Singapore dollars) Endit