Sat, 24 Oct 2020

Roundup: Singapore stocks end down 0.2 pct

Xinhua
30 Sep 2020, 20:51 GMT+10

SINGAPORE, Sept. 30 (Xinhua) -- Singapore shares closed 0.2 percent lower on Wednesday, weighed by weak U.S. market indices futures following the pivotal first of three U.S. presidential debates.

On Tuesday, U.S. markets ran out of steam with little concrete progress on the fiscal stimulus front. The news that New York City had seen a spike in their infection rate also weighed on investors' sentiment.

Meanwhile, crude oil prices fell on concerns global growth will be hampered by the recent uptick in coronavirus cases around the world.

MayBank-Kim Eng Retail Research said "technically, the Straits Times Index failed to crack above its 20-day moving average and resumed its downward drift with support at 2,450 points level."

Singapore's benchmark Straits Times Index inched down 4.99 points to 2,466.62 points. Trading volume was 1.5 billion shares worth 1.37 billion Singapore dollars. Decliners slightly outnumbered advancers 200 to 198.

Keppel Corporation rose 3.49 percent to 4.45 Singapore dollars. It reaffirmed its Vision 2030 roadmap, focusing on energy and environment, urban development, connectivity and asset management.

As part of its asset-light business model, Keppel has identified assets with carrying value of 17.5 billion Singapore dollars that can potentially be monetized over time.

Keppel plans to unlock 3 to 5 billion Singapore dollars of the assets from this substantial 17.5 billion Singapore dollars base in the next three years, which will be re-deployed into new opportunities to improve returns.

The company added it remains committed to yards, real estate and business trusts that are aligned to its interests. It is also reviewing its offshore and marine business to explore both organic and inorganic options, including restructuring, mergers and disposal.

Among top gainers, AEM Holdings rose 6.06 percent to 3.85 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.51 percent to 39.68 U.S. dollars. (1 U.S. dollar equals 1.37 Singapore dollars)

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