Singapore stocks end down 0.03 pct

Singapore shares closed 0.03 percent lower on Thursday, as investors took opportunity to sell on market strength after U.S. stocks ended record high overnight amid expectations the Trump Administration will eventually deliver fiscal stimulus and deregulation.

Meanwhile, Moody's changed its outlook on Italy to negative, warning it may downgrade the credit rating if the country's deteriorating economic and debt outlook was not reversed. The European Central Bank is widely expected to extend its asset buying campaign at a policy meeting later in the day.

Singapore's benchmark Straits Times Index inched down 0.98 points to 2,958.86 points. Trading volume was 1.84 billion shares worth 1.39 billion Singapore dollars. Advancers outnumbered decliners 240 to 216, while 644 stocks did not move.

iFast Corporation rose 3 percent to 85.5 Singapore cents. Fundsupermart.com, the retail division of iFast, has launched FSMOne, a platform where customers can buy unit trusts, insurance, bonds as well as trade stocks and exchange-traded funds, via a single account. The new platform will also feature a more transparent fee structure which includes stating clearly how big a cut it takes for selling insurance.

Mermaid Maritime inched up 0.6 percent to 15.5 Singapore cents. It has entered into a mutual agreement with China Merchants Industry Holdings to terminate their construction contract for a dive support and construction vessel. Under the settlement, China Merchants will retain the 20.4 million U.S. dollar installment, as well as the vessel. Mermaid Maritime will no longer be obligated to pay the balance 124.8 million U.S. dollars.

Among the top gainers, Jardine Cycle and Carriage rose 1.6 percent to 41.87 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 0.2 percent to 53.51 U.S. dollars. (1 U.S. dollar equals to 1.42 Singapore dollars)

source: Xinhua