SINGAPORE, July 13 (Xinhua) -- Singapore shares closed 0.81 percent lower on Monday, as a caution mood prevailed after the ruling government retained its two-thirds supermajority but its vote share fell close to historic lows.
Investors also awaited cautiously the advance second-quarter gross domestic product estimate on Tuesday that was widely expected to be a double-digit drop.
U.S. markets rallied last Friday after analysts lifted target prices of a trio of companies that have been favorite plays throughout the pandemic. Netflix, Amazon.com, and Nvidia Corporation, whose chips are used in cloud computing and gaming, were all viewed as being well-positioned with the coronavirus accelerating long-term growth trends as more consumers shop online and stay at home for entertainment.
Meanwhile, crude oil prices edged down in Asia ahead of a meeting of top producers on July 15, which could outline plans to begin scaling back the historic output cuts that helped to stabilize prices.
Russia's top oil companies were reportedly preparing to increase production next month in the absence of other guidance from the Energy Ministry.
MayBank-Kim Eng Retail Research said "technically, the Straits Times Index is still holding above its 20-day and 50-day moving averages with overhead resistance at 2,750 points and downside supports at 2,570 points and 2,490 points."
Singapore's benchmark Straits Times Index fell 21.57 points to 2,631.08 points. Trading volume was 2.08 billion shares worth 1.26 billion Singapore dollars. Decliners outnumbered advancers 337 to 166.
Sunpower Group Limited fell 1.06 percent to 46.5 Singapore cents. It secured manufacturing and services contracts worth 170 million Chinese yuan from repeat customers in China's polycrystalline silicon industry. It will supply reactors and heat exchangers to the customers, and delivery is expected to be completed this year and next year.
With these latest orders, its order book has surged to a record high of about 2.8 billion Chinese yuan, which will have a positive impact on its financial performance.
Among top gainers, Biolidics soared 26.83 percent to 52 Singapore cents, while DBS Group Holdings became one of the top losers by falling 0.51 percent to 21.54 Singapore cents. (1 U.S. dollar equals 7.001 Chinese yuan or 1.39 Singapore dollars) Enditem