Singapore stocks end down 0.91 pct amid concerns over global corporate earnings

Singapore shares closed 0.91 percent lower on Monday, as investors turned cautious over the global corporate earnings outlook. U.S. gross domestic product grew at a 2 percent annual rate in the third quarter, slightly above a 1.9 percent forecast, and picking up from the second quarter\'s 1.3 percent rise. OCBC Investment Research said \"we will probably be more sideways. We do not see many cues coming from Wall Street. Results over the weekend weren\'t really fantastic.\" DBS Group Research said \"the Straits Times Index has been resilient thus far, likely because of thestrong Singapore dollars and gradual growth prospect. But with Straits Times Index currently trading at \"fair\" valuation, the combination of earnings downward revision, inflation worries and the approach of the seasonal year-end lull could see the local bourse consolidating lower. Technically, we see downside risk to 2,985 points or even as low as 2,930 points.\" The benchmark Straits Times Index fell 27.90 points to close at 3,029.61 points. Trading volume was 2.36 billion shares worth 1.35 billion Singapore dollars. Decliners outnumbered advancers 315 to 126, while 524 stocks closed unchanged. Among top actives, Neptune Orient Lines dropped 2.1 percent to 1.145 Singapore dollars. The container shipping firm swung to a third-quarter net profit of 50 million U.S. dollars from a net loss of 91 million US dollars a year earlier, mainly due to cost cuts as well as improved liner and logistics performance. Mermaid Maritime surged 7.4 percent to 36.5 Singapore cents. It said Seadrill Limited had bought 12.2 million shares in its associate, Asia Offshore Drilling Limited, at 5 US dollars each, bringing its stake to 64.23 percent. Seadrill will then make a cash offer for the remaining shares. CapitaMalls Asia fell 0.3 percent to 1.80 Singapore dollars. The shopping malls owner and developer reported a 71 percent rise in third-quarter net profit to 62.4 million Singapore dollars from a year earlier, helped by strong retail demand and the addition of new malls. Wilmar International shed 1 percent to 3.12 Singapore dollars. The palm oil giant said it was partnering chemicals firm Clariant Limited to produce and sell amines and certain amines derivatives. Among the top gainers, Jardine Strategic rose 0.3 percent to 35. 60 U.S. dollars, while Jardine Matheson became one of the top losers by falling 1.1 percent to 61.04 U.S. dollars (1 U.S. dollar equals to 1.22 Singapore dollars)