Singapore stocks end down following drop in oil price

GMT 17:48 2014 Tuesday ,11 November

Arab Today, arab today Singapore stocks end down following drop in oil price

Singapore stocks
Singapore - XINHUA

Singapore shares closed 0.27 percent lower on Tuesday, as oil-related stocks took a beating due to further fall in oil prices.
U.S. crude shed about 0.2 percent to 77.24 U.S. dollars per barrel, while Brent crude shed 0.3 percent to 82.06 U.S. dollars. Fears about a global supply glut and slowing global growth have pushed oil prices down about 30 percent since June.
The benchmark Straits Times Index fell 8.85 points to close at 3,292.15 points. Trading volume was 1.15 billion shares worth 989 million Singapore dollars. Decliners outnumbered advancers 242 to 150, while 544 stocks closed unchanged.
Voyage Research said "we expect the Straits Times Index to have an upside and test its new resistance at 3,350 points."
DBS Group Research said "we maintain the view that the index pullback should be shallow, limited to 3,250 points, and thereon making its way to 3,350 points in coming weeks and 3,400 points by year-end."
Ezion Holdings rose 1.4 percent to 1.49 Singapore dollars. It has entered into a subscription agreement with Triyards Holdings pursuant to which Triyards shall issue 29,500,000 non-listed warrants to Ezion.
Each warrant shall carry the right to subscribe for one new ordinary share in the capital of Triyards at an exercise price of 56.3 U.S. cents per subscription share.
CNMC Goldmine inched down 1.8 percent to 27.5 Singapore cents. It announced its nine-month revenue was up 153 percent year-on- year to 23.4 million U.S. dollars, while nine-month net profit was up 770 percent year-on-year to 9.1 million U.S. dollars.
Its third-quarter revenue was up 60 percent year-on-year to 10. 1 million U.S. dollars while quarterly net profit was up 103 percent year-on-year to 3.4 million U.S. dollars.
The results were attributed to a record fine gold production of 7667.2 ounces in third quarter this year.
ARA Asset Management gained 1.8 percent to 1.735 Singapore dollars. It reported fourth-quarter net profit of 30.7 million Singapore dollars, 54 percent higher on-year on the back of a 60 percent on-year rise in revenues to 52.8 million Singapore dollars.
Among the top gainers, Jardine Cycle and Carriage rose 0.6 percent to 40.44 Singapore dollars, whereas UOB became one of the top losers by falling 1.5 percent to 23.09 Singapore dollars. (1 U. S. dollar equals to 1.29 Singapore dollars)

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