Singapore stocks end down 0.63%

Singapore shares closed 0.63 percent lower on Wednesday as investors continued to wait for minutes of the U.S. Federal Reserve's July policy meeting. Investors are convinced that the Federal Reserve will have to start tapering at some point. Unfortunately, the Federal Reserve itself is divided on all this and the minutes of its last meeting are likely to show many competing voices, perhaps leaving the market as confused as ever. Phillip Securities Research said "we peg near-term support at 3, 100 points this morning. Downward pressure is expected to continue in the near term." CIMB Research said "we expect prices to take out the 3,065 points sooner rather than later. A test of the October 11 to June 12 support trend line at 3,020 points is likely." DBS Group Research said "For the Straits Times Index, we see the support at 3,095 points and 3,100 points holding intact in the short-term but near-term resistance is at 3,150 points. Choppy movement is expected in the days or week ahead." Singapore's benchmark Straits Times Index fell 19.76 points to 3,108.99 points. Trading volume was 3.59 billion shares worth 1.22 billion Singapore dollars. Decliners outnumbered advancers 235 to 209, while 509 stocks did not move. SembCorp Marine ended flat at 4.32 Singapore dollars. The National Shipping Company of Saudi Arabia has signed a memorandum of understanding with Saudi Aramco and SembCorp Marine to conduct a feasibility study for a maritime yard project in the Kingdom of Saudi Arabia. Keppel Corporation dropped 0.4 percent to 10.26 Singapore dollars. Keppel FELS, a subsidiary of Keppel Corporation, has won a contract worth 280 million U.S. dollars from Floatel International to build its fifth accommodation semi-submersible for delivery in the fourth quarter of 2015. Ezion Holdings ended flat at 2.39 Singapore dollars. The oilfield service firm has issued 60 million Singapore dollars of notes due 2018 with an annual interest rate of 4.60 percent, under its 500 million Singapore dollars multicurrency debt program. The proceeds will be used for general corporate purposes Among top gainers, Jardine Strategic rose 0.8 percent to 32.50 U.S. dollars, while DBS Group became one of the top losers by falling 1.2 percent to 16.30 Singapore dollars. (1 U.S. dollar equals to 1.28 Singapore dollars)