Singapore stocks end down 0.16%

Singapore shares closed 0.16 percent lower on Thursday, as investors took profit after the U.S. Federal Reserve kept interest rates unchanged even as officials signaled that growth remains on track to achieve their goals.

Singapore bourse rose in the earlier session in tandem with the overnight rally in Wall Street following the policy decision by the Federal Reserve, but lost ground in the afternoon due to investors' profit-taking.

In the statement released after the policy meeting, the Federal Reserve said the case for higher interest rates has strengthened, but decided "to wait for further evidence of continued progress" toward the central bank's objectives. Three officials voted against the decision to hold rates steady, up from one at the last meeting, and the Federal Reserve signaled it is still prepared to raise rates in December.

Singapore's benchmark Straits Times Index inched down 4.68 points to 2,846.06 points. Trading volume was 1.07 billion shares worth 754 million Singapore dollars. Advancers still outnumbered decliners 199 to 148, while 555 stocks did not move.

Vard Holdings ended flat at 15.4 Singapore cents. It has secured close to 40 million U.S. dollar contract for the design and construction of two additional module carrier vessels for Topaz Energy and Marine. Delivery of both vessels is scheduled in second quarter of 2018.

PSL Holdings closed flat at 48 Singapore cents. It proposes to place 7.7 million new shares at an issue price of 38.25 Singapore cents per share, to raise gross proceeds of 2.96 million Singapore dollars. The proceeds will be used to fund growth and expansion, and for working capital purposes.

Among the top gainers, DBS Group Holdings rose 0.3 percent to 15.24 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.9 percent to 59.45 U.S. dollars. 

Source : XINHUA