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Singapore shares close weaker in line with falls in Dow futures, HK

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AFTER having bounced 193 points or 7.1 per cent in the 15 trading sessions since the June 23 Brexit referendum, the Straits Times Index on Tuesday ended with a 9.22-point loss at 2,919.54, dragged lower in line with losses in Hong Kong and the Dow futures.

In the case of Hong Kong, the weakness was reportedly because of concerns over China's growth.

Turnover was a moderate 1.3 billion units worth S$935 million and excluding warrants, there were 158 rises versus 232 falls throughout the whole market.

Within the index, traders noted strong support for Jardine Cycle & Carriage, which ended S$1.03 higher at S$37 on volume of 412,800 shares.

In the second line, shares of precision parts maker Innovalues bounced S$0.06 to S$0.945 with 8.4 million traded, after a S$0.145 loss on Monday. In response to a query from the Singapore Exchange, the company referred to earlier announcements in which it said: a) it has appointed Rippledot Capital Advisors to conduct a review of the strategic options available, and b) it is in discussions with parties in connection with a possible takeover.

"Discussions are still on-going and there is no assurance or certainty that any transaction or agreement will be entered into pursuant to these discussions," said Innovalues.

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