Singapore stocks end down 0.54%

Singapore shares closed 0.54 percent lower on Wednesday, dragged down by overnight weak performance of U.S. stocks.

U.S. stocks retreated from record highs as William Dudley, head of the Federal Reserve's New York branch, said that a rate hike was possible next month and that Wall Street investors were too "complacent" about the prospect of higher rates over the next year.

Overnight data showed a mixed picture of U.S. economy. U.S. home construction unexpectedly accelerated in July to the fastest pace in five months as factory production increased more than forecast. But its core consumer price index rose little in July, taking the one-year inflation rate down to 2.2 percent from 2.3 percent in June.

Singapore's benchmark Straits Times Index fell 15.45 points to 2,843.35 points. Trading volume was 917 million shares worth 750 million Singapore dollars.

Decliners outnumbered advancers 230 to 150, while 526 stocks did not move.

Global Logistic Properties fell 0.3 percent to 1.91 Singapore dollars. It will sell four properties in Japan to GLP J-REIT for 420 million U.S. dollars. Expected to be completed in September, the transaction follows the sale of GLP's 50 percent share of GLP-MFLP Ichikawa Shiohama to GLP JREIT announced in June 2016.

Global Logistic Properties is expected to realize cash profit of 130 million U.S. dollars from Japan asset sales year-to-date.

Soup Restaurant closed flat at 19.8 Singapore cents. It is opening five new outlets in Singapore by October this year. The planned expansion will boost the number of restaurants in Singapore for the group to 19 from 14 previously.

Among the top gainers, Jardine Cycle and Carriage rose 2.2 percent to 44 Singapore dollars, whereas DBS Group became one of the top losers by sinking 0.4 percent to 14.75 Singapore dollars. (1 U.S. dollar equals to 1.35 Singapore dollars)

Source : XINHUA