Asian markets
Asian markets

Singapore shares closed 0.07 percent lower on Wednesday, as a firm finish on Wall Street overnight failed to stop local investors from taking profit ahead of Lunar New Year holidays.

Some investors also grew skeptical about U.S. President Donald Trump’s policies translating into further gains.

Trump signed two executive orders on Tuesday to move forward with construction of the controversial Keystone XL and Dakota Access oil pipelines, rolling back key Obama administration environmental actions in favor of expanding energy infrastructure.

Crude oil prices retreated following Trump’s latest move.

Singapore’s benchmark Straits Times Index fell 2.01 points to 3,039.94 points. Trading volume was 1.89 billion shares worth 1.33 billion Singapore dollars. Advancers slightly outnumbered decliners 226 to 220, while 650 stocks did not move.

Ascendas Real Estate Investment Trust closed flat at 2.40 Singapore dollars. It reported a distribution per unit (DPU) of 3.993 Singapore cents for its fiscal third quarter ended December 2016, 1.2 percent higher than in the previous year. Its quarterly gross revenue and net property income (NPI) also increased by 7.6 percent and 9 percent respectively.

M1 Limited sank 5.5 percent to 2.05 Singapore dollars. Singapore’s third-largest telecommunications company reported higher operating revenue for the fourth quarter ended December 2016, but net profit for the quarter dropped to 31.8 million Singapore dollars from 43.6 million Singapore dollars a year ago. The company blamed the decrease in lower international call and roaming revenues as well as increased depreciation and amortization on assets.

Among the top gainers, Jardine Cycle and Carriage rose 1.3 percent to 41.66 Singapore dollars, whereas Venture Corporation became one of the top losers by falling 1.3 percent to 10.14 Singapore dollars. (1 U.S. dollar equals to 1.42 Singapore dollars) Enditem

Source: Xinhua/NewsGhana.com.gh

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