by Tan Shih Ming
SINGAPORE, March 27 (Xinhua) -- Singapore shares closed 0.51 percent lower on Monday, as U.S. President Donald Trump's stunning failure to get healthcare reform passed weighed on investors' sentiment.
U.S. markets were volatile last Friday by Trump's inability to get enough support for legislation to "repeal and replace" the Obamacare health insurance reforms, a major 2016 election campaign promise by Trump. The setback raised concerns about the prospects for his plans to use tax cut and fiscal stimulus to boost economic growth. His plans were the major catalysts of the bull-run in U.S. stock prices since his victory in the November election.
Singapore's benchmark Straits Times Index fell 16.02 points to 3,126.88 points. Trading volume was 3 billion shares worth 1.08 billion Singapore dollars. Decliners outnumbered advancers 285 to 177.
Singapore O and G jumped 3.1 percent to 1.315 Singapore dollars. It is proposing a share split of every one existing share into two shares. It said the proposed stock split is positive to the company and shareholders, as it reduces the price of each share, increases market liquidity of the shares, and broadens the base of shareholders.
Duty Free International closed flat at 39 Singapore cents. It has proposed a 2-for-5 bonus warrant issue of up to 477.74 million warrants. Each warrant can be exchanged into one ordinary share at an exercise price of 43 Singapore cents, which represents a premium of 7.5 percent to the last transacted price of 40 Singapore cents per share on the Singapore Exchange on January 11 this year. Assuming that the bonus warrants are fully exercised and converted into new shares, gross proceeds arising from this exercise will amount to 205.4 million Singapore dollars.
Among top gainers, Great Eastern Holdings rose 0.6 percent to 21.59 Singapore dollars, while Jardine Cycle and Carriage became one of the top losers by falling 1.9 percent to 44.12 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars)