Singapore stocks end down 1.1 pct

Source: Xinhua| 2020-10-30 18:42:39|Editor: huaxia

SINGAPORE, Oct. 30 (Xinhua) -- Singapore shares closed 1.1 percent lower on Friday, weighed by concerns about the surge of coronavirus cases in the United States and Europe.

The U.S. markets rose on Thursday after President Donald Trump said he plans "a very big package" of stimulus following the election. Investors also took comfort in a decline in weekly jobless claims and a surge in third-quarter economic growth that reversed much of the pandemic collapse.

Meanwhile, crude oil prices fell as the surge of coronavirus cases in the U.S. Midwest to a record offset the effect of jump in U.S. economic growth in the third quarter.

Maybank-Kim Eng Retail Research said "technically, the Straits Times Index could find some short-term support at the 2,450 points level, with further downside at 2,380 points, while immediate resistance is seen at 2,520 points."

Singapore's benchmark Straits Times Index fell 26.84 points to 2,423.84 points. Trading volume was 1.72 billion shares worth 1.91 billion Singapore dollars (1.4 billion U.S. dollars). Decliners outnumbered advancers 337 to 144.

Keppel Corporation rose 2.81 percent to 4.39 Singapore dollars. It returned to profitability in the third quarter of 2020, compared to the second quarter's net loss of 697 million Singapore dollars, though the third quarter's net profit is significantly lower year-on-year.

Except for Keppel Offshore & Marine (Keppel O&M), all key business units were profitable in the third quarter 2020, according to the company's press release. However, it remained loss-making for the first nine months of 2020, due to the significant impairments of 919 million Singapore dollars, mainly from the offshore and marine business, recorded in the second quarter.

Its revenue was 4,818 million Singapore dollars for the first nine months of 2020, compared to 5,382 million Singapore dollars for the same period of 2019, due mainly to decreased contributions from Keppel O&M.

Among top gainers, Prudential PLC rose 0.95 percent to 16 U.S. dollars, while DBS Group Holdings became one of the top losers by falling 1.02 percent to 20.35 Singapore dollars. (1 U.S. dollar equals 1.37 Singapore dollars) Enditem