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1st LD Writethru: Singapore stocks end down 0.08 pct

Xinhua, April 5, 2017 Adjust font size:

Singapore shares closed 0.08 percent lower on Wednesday.

It will be their first face-to-face meeting since Trump took office on January 20, with trade and security issues set to be the main agenda. DPRK fired a medium-range ballistic missile from its east coast into the sea on the eve of the summit.

Meanwhile, oil prices rose due to an unplanned production outage in the North Sea and growing concerns about diminishing U.S. oil inventory.

Singapore's benchmark Straits Times Index fell 2.51 points to 3,176.55 points. Trading volume was 3.13 billion shares worth 1.21 billion Singapore dollars. But advancers outnumbered decliners 271 to 197.

Fischer Tech jumped 7.4 percent to 2.47 Singapore dollars. The electronics maker announced before market opening on Wednesday it has entered into discussions with regards to the possibility of the company's sale. It has received a non-binding expression of interest from a "third party", and understands that "certain shareholders" have agreed to enter into exclusive discussions with the unnamed entity.

KS Energy surged 7.5 percent to 8.6 Singapore cents. It said it has been awarded a contract for the "KS Java Star 2" jack-up drilling rig. The work in Vietnam is expected to commence in April 2017. The expected value of the new contract is approximately 11.1 million U.S. dollars.

Among the top gainers, Jardine Strategic rose 1.9 percent to 42.35 U.S. dollars, whereas Singapore Exchange became one of the top losers by falling 1.2 percent to 7.64 Singapore dollars. (1 U.S. dollar equals to 1.40 Singapore dollars) Endit