Singapore shares closed 0.06 percent lower on Tuesday, as cautious sentiment over China's stock markets weighed on Singapore bourse. Investors were watching closely the performance of China stocks, which managed to end Tuesday with just a slight loss after Monday' s heavy losses.
DBS Group Research said "we maintain our view that equity markets will likely be weak in the initial months following the first U.S. Federal Reserve rate hike in mid-December last year. A decline towards 2,700 points should present a good accumulate opportunity."
Singapore's benchmark Straits Times Index inched down 1.74 points to 2,834.23 points. Trading volume was 1.24 billion shares worth 895 million Singapore dollars.
Advancers outnumbered decliners 216 to 190, while 520 stocks did not move. Tiger Airways Holdings Limited jumped 9.8 percent to 45 Singapore cents. Its parent company Singapore Airlines announced the offer to buy Tiger Airways shares at 45 Singapore cents per share, rising from its initial proposal of 41 Singapore cents. Singapore Airlines said it does not intend to revise the offer further, and has been extended the offer deadline to Jan. 22 from Jan. 8. Midas Holdings gained 3.5 percent to 29.5 Singapore cents. It announced its joint venture company in China. Nanjing SR Puzhen Rail Transport, won orders worth 1.3 billion Chinese yuan to build a metro train system in Guiyang city in Southwest China, with delivery scheduled between 2016 and 2017. Among the top gainers, Jardine Matheson rose 0.6 percent to 49. 03 U.S. dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 1.2 percent to 34.26 Singapore dollars. (1 U.S. dollar equals to 6.521 Chinese yuan and 1.42 Singapore dollars)
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