Singapore stocks end down 0.47%

GMT 23:16 2014 Monday ,30 June

Arab Today, arab today Singapore stocks end down 0.47%

Singapore stocks end down
Singapore - XINHUA

Singapore shares closed 0.47 percent lower on Monday, ahead of packed week of economic data from major economies.
The United States will release June payrolls report on Thursday, a day early due to the July 4 holiday. Market on average expects jobs to stay above 200,000 for the fifth straight month of gains. The U.S. earnings season will also start in the next couple of weeks, which will provide evidence on how the economy and profits are faring.
The European Central Bank will hold its policy meeting on Thursday, a month after unleashing a far-reaching package of measures aimed at keeping the Euro-zone economy from slipping into a Japan-style deflation.
Separately, China's official manufacturing sector Purchasing Managers' Index (PMI) numbers for June are due for release Tuesday, and market expects the improvement in the official PMI to have been smaller as it is skewed towards large, typically state-owned firms in heavy industry. These firms are likely to be hit hardest by the weakness in the property sector
The benchmark Straits Times Index fell 15.38 points to close at 3,255.67 points. Trading volume was 2.33 billion shares worth 1.05 billion Singapore dollars. Decliners outnumbered advancers 250 to 193, while 497 stocks closed unchanged.
DBS Group Research said "Straits Times Index's recent pullback falling below 3,270 points indicates the start of the anticipated consolidation. The pullback should test 3,220 points and if this support level fails subsequently, a dip to 3,170 points and 3,180 points is seen. We maintain that such a consolidation is a ' healthy' one. We see the Straits Times Index heading higher post pullback."
Among top actives, Ying Li International Real Estate Ltd rose 3. 5 percent to 29.5 Singapore cents. It proposes to bring in China Everbright Limited as a strategic shareholder. China Everbright entered into share subscription agreement to subscribe for 381 million Ying Li shares for cash consideration of 99.06 million Singapore dollars, and also subscribe for Ying Li convertible securities for principal amount of 185 million Singapore dollars. Ying Li will use the moneies to accelerate development of existing projects and finance new project.
OCBC inched down 0.3 percent to 9.55 Singapore dollars. It said all the pre-conditions to an agreement to buy Hong Kong's Wing Hang Bank had been satisfied, as the takeover had received approvals from the Hong Kong Monetary Authority, Monetary Authority of Singapore, Hong Kong's Securities and Futures Commission, Insurance Authority and Mandatory Provident Fund Schemes Authority, as well as the Monetary Authority of Macau.
Among the top gainers, Jardine Cycle and Carriage rose 1.1 percent to 44.26 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.2 percent to 59.31 U.S. dollars. (1 U.S. dollar equals to 1.25 Singapore dollars)

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