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Singapore stocks end down 0.52 pct

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by August 18, 2017 General

SINGAPORE, Aug. 18 (Xinhua) — Singapore shares closed 0.52 percent lower on Friday, as renewed concern over U.S. President Donald Trump weighed on investors’ sentiment.

U.S. markets had been in turbulence lately amid growing worries over Trump’s ability to deliver his economic agenda such as tax cuts and infrastructure spending, following the exodus of executives from two prominent Trump-led business councils in reaction to his response to clashes last weekend in Charlottesville, Virginia.

Maybank-Kim Eng Research said, “Technically, next support for Straits Times Index is at 3,190 points, with former support-turned-resistance at 3,275 points.”

Singapore’s benchmark Straits Times Index fell 16.89 points to 3,251.99 points. Trading volume was 1.84 billion shares worth 1.17 billion Singapore dollars. Decliners outnumbered advancers 238 to 178.

China Everbright Water shed 2.2 percent to 45 Singapore cents. It clinched two waste water treatment upgrading projects in Shandong, China, worth 41 million Chinese yuan. The first project is a 27-million-Chinese yuan treatment project in the Binzhou Development Zone, while the second is for 14 million Chinese yuan upgrading works at Ju County, Chengbei.

OCBC Bank inched down 1.3 percent to 11 Singapore dollars. It acquired 680,000 shares in Great Eastern Holdings for 24.90 Singapore dollars apiece on August 17. This raised its stake in its insurance arm to 87.9 percent from 87.75 percent.

Among top gainers, Best World International jumped 15.5 percent to 1.195 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 0.5 percent to 65.20 U.S. dollars. (1 U.S. dollar equals to 6.678 Chinese yuan and 1.37 Singapore dollars)

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