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Roundup: Singapore stocks end down 0.29 pct

by August 16, 2016 General

SINGAPORE, Aug. 16 (Xinhua) — Singapore shares closed 0.29 percent lower on Tuesday, as investors took profit after U.S. markets rose overnight to record level.

U.S. stocks indexes all closed at all-time highs, gaining 0.3 to 0.6 percent, helped by higher oil prices. Oil prices hit one-month highs on Monday, gaining 10 percent or more in a three-day rally as speculation intensified over potential producer action to support prices amid a glut of crude.

Russian Energy Minister Alexander Novak said on Monday his country is consulting with Saudi Arabia and other producers to achieve oil market stability, bolstering hopes that oil producing nations could take action to stabilize prices.

The oil market started to rally last Thursday after Saudi Arabia energy minister said non-members and members of the Organization of the Petroleum Exporting Countries (OPEC) are to meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from Sept. 26 to 28.

Singapore’s benchmark Straits Times Index fell 8.41 points to 2,858.80 points. Trading volume was 1.07 billion shares worth 827 million Singapore dollars. Decliners slightly outnumbered advancers 196 to 190, while 520 stocks did not move.

Among top actives, Noble Group rose 2.8 percent to 14.7 Singapore dollars. Moody’s Investors Service, the international ratings agency, downgraded noble by two levels to B2 from Ba3, saying its liquidity “could come under further pressure over the next 12 months” amid weaker-than-expected profitability. The company’s cash flow will also remain under pressure over the next year.

Among the top gainers, Jardine Cycle and Carriage rose 1.1 percent to 43.05 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.6 percent to 59.55 U.S. dollars. (1 U.S. dollar equals to 1.34 Singapore dollars)