Singapore shares closed 1.51 percent lower on Monday, dragged down by volatile Chinese stock prices.
Shanghai shares gained ground by close albeit volatile price swing throughout the day following gaining nearly six percent the previous week. Futures trading reflected underlying investor caution towards Chinese equities, with the China CSI300 futures still on downward trend.
Meanwhile, oil prices down near six-year lows also hit the Singapore oil-related stocks. Crude oil continued to struggle in the wake of global oversupply concerns, with U.S. crude reaching a six-year trough of 41.35 U.S. dollars struck on Friday.
Singapore's benchmark Straits Times Index fell 46.90 points to 3,067.35 points. Trading volume was 1.33 billion shares worth 1.06 billion Singapore dollars. Decliners outnumbered advancers 346 to 110, while 483 stocks did not move.
Asiatravel.com Holdings Limited closed flat at 19.2 Singapore cents. It announced its third-quarter revenue dropped 1.9 percent lower year-on-year to 22.2 million Singapore dollars, while its net loss narrowed to 2.1 million Singapore dollars for the quarter.
Since last quarter, Asiatravel has focused on turning around its business in Southeast Asia and Middle East. It has also been spending substantial resources and management time to set up a China operation center in Beijing which will be operational in September 2015.
It is working with two substantial China shareholders on this expansion plan. The plan includes fundraising and acquisition activity. The objective is to position it as a fully integrated China online domestic, international outbound and inbound player.
CMC Infocomm Limited shed 7 percent to 20 Singapore cents. It announced that it has won new orders worth 2 million Singapore dollars, including 1.4 million Singapore dollar worth of maintenance contracts from existing customers. This brings its order book to a total of 18 million Singapore dollars. The bulk of its order-book will be delivered within the next 18 months.
Among top gainers, Petra Foods Limited jumped 8 percent to 3.24 Singapore dollars, while UOB became one of the top losers by falling 3.4 percent to 19.88 Singapore dollars. (1 U.S. dollar equals to 1.41 Singapore dollars)