Singapore stocks end down 0.03 percent

Singapore shares closed 0.03 percent lower on Monday, as rising geopolitical tension in North Asia weighed on investors' sentiment.

Market sentiment took a hit after the Democratic People's Republic of Korea fired four ballistic missiles early in the day, while a spat between China and South Korea over missile defense deepened.

Meanwhile, investors were also digesting the near-certain prospect of an interest rate hike in the United States this month after U.S. Federal Reserve Chair Janet Yellen on March 3 gave strongest signals for an interest rate rise in March.

While she reiterated her opinion that rate hikes will remain gradual in the future, she added that rate hikes "will likely be appropriate in the months and years ahead. Those increases would keep the economy from significantly overheating, thereby sustaining the expansion and maintaining price stability."

Singapore's benchmark Straits Times Index fell 0.83 points to 3,121.51 points. Trading volume was 2.64 billion shares worth 1.08 billion Singapore dollars (766 million U.S. dollars). Decliners outnumbered advancers 256 to 234.

Kingboard Copper Foil soared 20.6 percent to 41 Singapore cents. The parent company Kingboard Chemical group has made a voluntary offer at 40 Singapore cents per share for all the shares of Kingboard Copper Foil, other than those which are already owned by the group. The offer price is at a 17.6 percent premium to the last traded price.

Spackman Entertainment Group dropped 1.2 percent to 16.8 Singapore cents. It has entered into a nonbinding memorandum of understanding for the proposed acquisition of 100 percent stake in Frame Pictures. Frame Pictures is a leading movie and drama equipment leasing player in Korea's entertainment sector. The proposed acquisition would help the Group to help create a more diversified and consistent revenue stream.

Among top gainers, Bukit Sembawang jumped 16.4 percent to 6.25 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.6 percent to 65.60 U.S. dollars. (1 U.S. dollar = 1.41 Singapore dollars)

source: Xinhua