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1st LD Writethru: Singapore stocks end down 0.07 pct

Xinhua, February 3, 2017 Adjust font size:

Singapore shares closed 0.07 percent lower on Friday, after China surprised markets by raising short-term interest rates.

On the first day of trading after a week-long break for the Lunar New Year, Chinese equities fell after the People's Bank of China raised the interest rates on open market operations by 10 basis points. The latest move added to growing concerns among investors about U.S. President's Donald Trump's aggressive policies.

Investors were also anxiously waiting for the release of U.S. job data due later in the day. Market in average expected nonfarm payrolls probably increased by 175,000 jobs last month. Investors feared that any surprise on the upside for the job data will turn the U.S. Federal Reserve to adopt a more hawkish stance on interest rates.

Singapore's benchmark Straits Times Index inched down 2.14 points to 3,041.94 points. Trading volume was 2.76 billion shares worth 1.12 billion Singapore dollars. Advancers outnumbered decliners 248 to 190, while 641 stocks did not move.

New Silkroutes Group lost 2.3 percent to 86 Singapore cents. It said it has inked a deal to buy 80 percent of a small New York broker-dealer and investment bank, CG Capital Markets, for 14.4 million U.S. dollars. CG Capital Markets was founded in 2015 and does fixed-income market-making and provides capital-raising and advisory services. New Silkroutes added that it will issue new shares to fund the purchase, at a price to be determined

QT Vascular rose 3.6 percent to 5.8 Singapore cents. It announced it has signed a definitive agreement with Medtronic for the worldwide distribution of its Chocolate PTA catheter for a period of five years. The deal is automatically renewable for two additional one-year periods. Medtronic is the world's leading medical-device company.

Among top gainers, Jardine Cycle and Carriage rose 0.9 percent to 41.86 Singapore dollars, whereas DBS Group Holdings became one of the top losers by falling 0.6 percent to 18.66 Singapore dollars. (1 U.S. dollar equals to 1.41 Singapore dollars) Endit