Singapore stocks end down 1.07%

Singapore shares closed 1.07 percent lower on Thursday, hit by lower China's Manufacturing Purchasing Managers Index (PMI) in January. The preliminary HSBC China Manufacturing PMI fell to a six- month low of 49.6 in January compared with a final reading of 50.5 in December. The December survey was disappointed with a reading of 50.5 and any further dip would be taken badly by markets in the region. Separately, U.S. technology giant IBM missed revenue expectations for a fourth straight quarter, driving down its share price by nearly 4 percent overnight, and also dragging on the market performance. Phillip Securities Research said "the short term consolidation is continuing after an unsuccessful breakout at resistance at 3, 170 points as we mentioned 2 weeks ago." The benchmark Straits Times Index fell 33.5 points to close at 3,100.24 points. Trading volume was 2.7 billion shares worth 1.33 billion Singapore dollars. Decliners outnumbered advancers 311 to 130, while 505 stocks closed unchanged. Raffles Medical shed 1 percent to 3.06 Singapore dollars. It acquired adjacent land to existing hospital for expansion, expected to complete in second half of 2016. The site provides capacity headroom for longer-term expansion, and the estimated cost of investment is 310 million Singapore dollars. Global Logistic Properties lost 0.7 percent to 2.92 Singapore dollars. It has signed nine new lease agreements totaling approximately 180,000 square meters in multiple locations across Japan. This is the highest level of leasing recorded by Global Logistic Properties Japan in a single month. Singapore Exchange fell 0.3 percent to 6.98 Singapore dollars. It reported lower revenues and earnings for second quarter, amid slower activities during the calendar year end. It declared a dividend per share of 4 Singapore cents. Among the top gainers, Jardine Cycle and Carriage rose 0.4 percent to 39.19 Singapore dollars, while Jardine Matheson became one of the top losers by falling 2.1 percent to 54.55 U.S. dollars. (1 U.S. dollar equals to 1.28 Singapore dollars)