(Roundup) Singapore stocks end down 1.39% over oil price slump, uncertainty in euro-zone

January 6, 2015 11:18 pm 

SINGAPORE, Jan. 6 — Singapore shares closed 0.05 percent lower on Tuesday, weighed by sliding oil prices and political uncertainty in Greece.

Oil prices continued to slide and showed little signs of slowing in the new year, plunging as much as 6 percent on Monday to hit their lowest since spring 2009, as increased output of U.S. shale oil has exacerbated a global supply glut.

U.S. crude crashed below US$ 50 a barrel at one time, while benchmark Brent crude tumbled under US$ 53 after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports near 35-year peaks.

Meanwhile, the future of Euro-zone is clouded by uncertainty over Greek parliamentary elections due Jan.25.

The election is widely expected to result in a left-wing government that has vowed to end austerity measures and erase a big portion of its debt, thus triggering talk of a Greek exit from the Euro-zone amid the ongoing political uncertainty.

Singapore's benchmark Straits Times Index fell 46.33 points to 3,281.95 points. Trading volume was 1.36 billion shares worth 1.24 billion Singapore dollars. Decliners outnumbered advancers 286 to 126, while 530 stocks did not move.

Vard Holdings rose 0.8 percent to 61.5 Singapore cents. Through its specialized subsidiary SEAONICS, it has secured a large equipment contract for a vessel under construction at FINCANTIERI S.p.A. in Italy. The value of the equipment contract exceeds 17.5 million Singapore dollars, and is the largest to date for SEAONICS.

Dyna-Mac Holdings advanced 3.1 percent to 33 Singapore cents. It has secured a contract with a preliminary sum close to 89 million Singapore dollars for the construction of 10 units of FPSO topsides modules and 1 unit of flare tower from BW Offshore, a leading global provider of floating production services to the oil and gas industry. The contract is expected to contribute positively to the earnings for financial year 2015.

Manufacturing Integration Technology jumped 11.1 percent to 10 Singapore cents. It has signed a contract worth 10.5 million Singapore dollars to deliver 2 lines of equipment for making building integrated photovoltaics (BIPV) to an existing customer in China. This is the single largest order for solar equipment secured by the Company since its entry into this business in 2009. This contract brings MIT's outstanding order book in 2015 to 42 million Singapore dollars.

Among the top gainers, Singapore Airlines rose 0.8 percent to 11.68 Singapore dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 2.3 percent to 39.90 Singapore dollars. (1 U.S. dollar equals to 1.33 Singapore dollars). (PNA/Xinhua)

LGI/SSC

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