Singapore stocks end down 0.09% despite upbeat data

Singapore shares closed 0.09 percent lower on Thursday, as investors shrugged off robust U.S. data and upbeat earnings from Bank of America. U.S. producer prices posted their biggest gain in six months in December as the cost of gasoline rebounded strongly, but inflation pressure remained generally benign. Separately, Bank of America Corporation, the second-largest U.S. bank, showed signs of recovery after its quarterly profit surged by nearly 3 billion U.S. dollars as revenue increased and mortgage losses plunged. Adding to the positive tone, the World Bank raised its forecast for global growth for the first time in three years, predicting global gross domestic product will expand 3.2 percent this year from 2.4 percent in 2013. Phillip Securities Research said the immediate supports for the Singapore bourse will be at 3,075 points, 3,050 points and 3,000 points respectively. The benchmark Straits Times Index fell 2.81 points to close at 3,140.44. Trading volume was 2.5 billion shares worth 947.3 million Singapore dollars (746 million U.S. dollars). Decliners outnumbered advancers 257 to 170, while 519 stocks closed unchanged. Ezion Holdings rose 1.3 percent to 2.39 Singapore dollars. It has received a letter of intent with a contract value of up to approximately 94 million U.S. dollars over a five-year period to provide a service rig to be used by a Southeast Asian based national oil company to support its oil and gas activities. The service rig is expected to be deployed and working in the Southeast Asian waters by the first quarter of 2016. Global Logistic Properties inched up 0.3 percent to 2.95 Singapore dollars. It will commence development of GLP Yachiyo, a 72,000 square meters, multi-tenant logistics facility in Greater Tokyo. The project is expected to be completed in October 2015, with a total estimated development cost of 106 million U.S. dollars. Singapore Airlines fell 0.3 percent to 10.08 Singapore dollars. Its passenger load factor edged up 0.3 percentage point to 82.5 percent in December last year as passenger carriage narrowly outpaced capacity growth. Among the top gainers, Jardine Cycle and Carriage rose 1.4 percent to 39.97 Singapore dollars, while UOB became one of the top losers by falling 0.5 percent to 20.60 Singapore dollars. (1 U. S. dollar = 1.27 Singapore dollars)