Fashion
Singapore shares closed 1.57 percent lower on Wednesday, as investors were catching up with the fall in the U.S. stock market earlier this week amid a global sell-off.
Trading resumed on Wednesday after the Lunar New Year break. Investors looked to U.S. Federal Reserve Chair Janet Yellen’s congressional testimony later on Wednesday for fresh cues on the policy outlook, which may provide some relief for markets.
While Yellen is expected to defend the Federal Reserve’s first rate hike in a decade last year and likely insist that further increases remain on track, any signs of a departure from such a stance in the wake of global growth concerns could provide risk assets such as equities with a breather.
Singapore’s benchmark Straits Times Index fell 41.11 points to 2,582.10 points. Trading volume was 802 million shares worth 1.2 billion Singapore dollars. Decliners outnumbered advancers 288 to 85, while 550 stocks did not move.
United Engineers Limited fell 1.5 percent to 1.94 Singapore dollars. The engineering and property group said it was looking to dispose its indirectly-owned unit MultiFineline Electronix.
The buyer is Shenzhen-listed stamping and sheet metal manufacturer, Suzhou Dongshan Precision Manufacturing. United Engineers will expect to realize an attributable net disposal gain of about 115.2 million Singapore dollars, and receive net proceeds of about 505.3 million Singapore dollars.
Zhongmin Baihui Retail Group dived 25.7 percent to 1.30 Singapore dollars. The Singapore Exchange said it was reviewing trading in the counter, noting that a “small group of individuals” was responsible for more than 90 percent of the buy volume of the Chinese department store operator’s shares in the year to February 4 and that these individuals appear to be connected to one another. The bourse operator last Friday urged investors to exercise caution on trading shares of Zhongmin Baihui.
Among the top gainers, Jardine Matheson rose 0.6 percent to 54.02 U.S. dollars, whereas UOB became one of the top losers by falling 1.7 percent to 17.56 Singapore dollars. (1 U.S. dollar equals to 1.39 Singapore dollars)
