Singapore stocks end down 0.83 percent

GMT 22:30 2016 Friday ,29 April

Arab Today, arab today Singapore stocks end down 0.83 percent

Singapore shares
Singapore - XINHUA

Singapore shares closed 0.83 percent lower on Friday, as few investors stayed in the market before the long weekend holidays.

Singapore bourse will be closed next Monday for Labor Day Holiday. Not helping sentiment was Wall Street fell sharply overnight on news that the US economy grew in the first quarter to its slowest pace in two years as consumer spending softened and a strong dollar undercut exports. Gross domestic product increased at a mere 0.5 percent annual rate, the weakest since early 2014.

Meanwhile, prices of oil and other commodities jumped amid weaker U.S. dollar. Brent crude futures had climbed nearly 80 percent since hitting 12-year lows of around 27 U.S. dollars a barrel in late January.

Singapore's benchmark Straits Times Index fell 23.78 points to 2,838.52 points. Trading volume was 1.01 billion shares worth 1.15 billion Singapore dollars. Decliners outnumbered advancers 225 to 170, while 518 stocks did not move.

Among top actives, Acromec Limited jumped 28.3 percent to 38.5 Singapore cents. The builder of laboratories and sterile rooms announced two orders worth 5.4 million Singapore dollars without naming its customers. The contracts are for fitting out a lifestyle research chemical laboratory and reconfiguring existing operation theaters at a hospital. The company added its order book now stands at 52 million Singapore dollars.

Yangzijiang Shipbuilding Holdings shed 0.5 percent to 99 Singapore cents. The Chinese shipbuilder reported a 37 percent on-year drop in its first quarter net profit to 448 million Chinese yuan, while revenue falls 11 percent to 2.71 billion Chinese yuan.

However, the company's gross profit margin for shipbuilding increases to 23 percent in the first quarter, from 21 percent following the reversal of 40 million Chinese yuan warranty provisions upon expiry of warranty for vessels delivered previously.

Among top gainers, Great Eastern Holdings rose 0.7 percent to 22.34 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.4 percent to 55.30 U.S. dollars. (1 U.S. dollar equals to 1.34 Singapore dollars)

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