Singapore stocks end down 0.06 pct

Source: Xinhua| 2019-05-29 17:56:51|Editor: xuxin
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SINGAPORE, May 29 (Xinhua) -- Singapore shares closed 0.06 percent lower on Wednesday, after the plunge in U.S. treasury bond yields triggered fear of slowing global economic growth and trade.

Local market sentiment was also hit by news that Singapore joined 20 other countries on a U.S. watchlist for currency manipulation. U.S. markets gave up early gains and closed sharply lower overnight amid as intensifying worries over economic growth and trade tensions.

Meanwhile, crude oil prices climbed as supply risks from the Middle East tension and jump in U.S. consumer confidence fuelled optimism among traders.

Maybank-Kim Eng Retail Research said "technically, immediate support for the grossly oversold Strait Times Index is at 3,150 points level, with the next downside risk at 3,090 points, while overhead resistance lies at 3,280 points."

Singapore benchmark Strait Times Index inched down 2.04 points to 3,163.28 points. Trading volume was 1.13 billion shares worth 1.04 billion Singapore dollars. Decliners outnumbered advancers 215 to 153.

Metro Holdings ended flat at 1.02 Singapore dollars. It reported fourth-quarter net profit soared to 51 million Singapore dollars from 900,000 Singapore dollars a year ago, boosted by fair value gains on an investment property and joint ventures. Its revenue for the quarter grew 16.6 percent to 40 million Singapore dollars due to sale of property rights of residential projects in Jakarta.

Dyna-Mac rose 2.9 percent to 10.8 Singapore cents. It received a four million Singapore dollar order for fabrication of corrosion resistance alloy pipe spools for the central processing facility of an offshore gas field. Work is expected to begin in third quarter, with expected completion by fourth quarter.

Among top gainers, Great Eastern Holdings rose 0.5 percent to 25.94 Singapore dollars, while Jardine Cycle and Carriage became one of the top losers by falling 0.8 percent to 33.75 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars)