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Singapore stocks end down 0.45 % amid US debt default concern

Posted on October 14, 2013

SINGAPORE, (PNA/Xinhua) — Singapore shares closed 0.45 percent lower on Monday, as a possible U.S. debt default edged closer after the failure of weekend talks in Washington, though expectations are still there that a last-minute compromise will be reached.

U.S. politicians remained at loggerheads as the Oct. 17 deadline approaches. Failure to break the stalemate before Thursday’s deadline would leave the world’s biggest economy unable to pay its bills in the coming weeks, an outcome that is unthinkable for global financial markets.

Meanwhile, data on Saturday showed China’s export growth unexpectedly fizzled in September, underscoring worries about flagging global demand.

DBS Group Research said it maintained its view that “in the immediate term, a rise above 3,200 points should see resistance increasing towards 3,250 points” as the index moves closer toward its average 12-month forward price-earning at slightly above 3,250 points.

The benchmark Straits Times Index dropped 14.46 points to close 3,165.25 points. Trading volume was 1.92 billion shares worth 557. 9 million Singapore dollars. Decliners outnumbered advancers 305 to 121, while 531 stocks closed unchanged.

“The Straits Times Index tested the 3,198 points and 3,220 points resistance band and quickly reversed. A retest cannot be discounted just yet,” CIMB Research said.

Del Monte Pacific jumped 5 percent to close at 95 Singapore cents. It is acquiring the consumer food business of privately- owned Del Monte Foods of the United States for close to 1.7 billion U.S. dollars.

Singapore Press Holdings inched up 0.2 percent to close at 4.13 Singapore dollars. Its net earnings went down 25 percent year-on- year to 430 million Singapore dollars (344 million U.S. dollars) on the back of a 3.9 percent drop in newspaper and magazine ad revenues, higher operating expenses and higher finance costs.

LionGold Corporation gained 4.5 percent to close at 16.1 Singapore cents. It announced that the proposed placement of up to 180 million new shares and up to 135 million new warrants first announced on Aug. 14, 2013 have been terminated owing to the recent volatility in the price of the company’s shares.

Among the top gainers, Great Eastern Holdings rose 0.6 percent to 17.35 Singapore dollars, while Jardine Matheson became one of the top losers by dropping 2.4 percent to close at 54.75 U.S. dollars. (1 U.S. dollar equals to 1.25 Singapore dollars)

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