Singapore shares traded weaker, dragged down by investor concerns after Greece dithered on the brink of default after embarking on a temporary closure of banks, and also introduced capital controls to prevent bank runs after creditors refused to extend its bailout.At 10:19am (0219 GMT), the Straits Times Index fell 1.10% to 3,284.39. Market breadth was negative, with 274 decliners outpacing 42 gainers.
Singapore Telecommunications, Oversea-Chinese Banking Corporation, DBS Group Holdings, United Overseas Bank, and Global Logistic Properties were among the most active stocks in the market.
Among top gainers were Chemical Industries (Far East), Kitchen Culture Holdings, and MS Holdings, while Jardine Matheson Holdings, Jardine Cycle & Carriage, and Jardine Strategic Holdings led decliners.
Cosco Corporation (Singapore) slipped 1% to 48.5 cents. The shipbuilder announced last Friday that Cosco (Guangdong) Shipyard Co., a subsidiary of its 51% owned Cosco Shipyard Group Co., has delivered an Anchor Handling Tug Supply vessel to its Asian buyer.
SIA Engineering Company dipped 0.8% to $3.85. The aircraft maintenance, repair, and overhaul services provider announced last Friday the renewal of its services agreement with SilkAir, covering a broad spectrum of maintenance, repair and overhaul and fleet management services for SilkAir’s fleet of A319/A320 aircraft. The total value of the contract is $197 million.
Bucking the slide, MS Holdings climbed 20% to 24 cents. This is in spite of the crane rental company reporting last Friday that FY2015 net profit fell 37.5% to $2 million from $3.2 million a year ago, hit by depreciation expenses and one-off IPO related expenses.
mm2 Asia leapt 5.5% to 48 cents. The producer of movies and TV/online content has entered into a convertible note subscription agreement with Phillip Asia Pacific Opportunity Fund to buy up to $2.875 million of convertible notes due 30 June 2017.
Lereno Bio-Chem last traded at 0.4 cent on June 26. The biotechnology company requested for a trading halt on its shares pending the release of announcements.
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