SINGAPORE, Oct. 19 (Xinhua) -- Singapore shares closed 0.2 percent lower on Monday, as latest growth data showed China's economy was slowing further but not in danger of a hard-landing.
The world's second-largest economy grew 6.9 percent in the third quarter from a year ago, slightly better than analysts' estimate of 6.8 percent albeit down from 7 percent in the second quarter. The encouraging China data dented some hopes among investors that China will soon unveil massive stimulus to boost economy.
DBS Group Research forecast a near-term range of 2,950 points and 3,050 points for the Straits Times Index with a modest 'overshoot' capacity capped around 3,100 points as the recent sharp rise among index heavyweights tapers off. Market pullback over the next two weeks should be contained as prices are underpinned by the recent rebound in regional currencies.
Singapore's benchmark Straits Times Index fell 6.11 points to 3,024.5 points. Trading volume was 1.69 billion shares worth 747 million Singapore dollars. Advancers outnumbered decliners 269 to 187, while 480 stocks did not move.
Among top actives, Noble Group closed flat at 50.5 Singapore cents. It announced it has completed a 1.1 billion U.S. dollar revolving borrowing base facility, which will be utilized by its subsidiaries, Noble Americas and Noble Petro, to fund their business growth. The borrowing facility will allow for working capital loans, the issuance of trade finance instruments, and advances and letters of credit.
ISEC Healthcare jumped 4.3 percent to 24.5 Singapore cents. Its Malaysian subsidiary has proposed to acquire the entire issued and paid-up share capital of Southern Specialist Eye Centre (SSEC) for 12.3 million Singapore dollars.
SSEC is a private limited company incorporated in Malaysia that operates specialist eye clinics. The proposed Acquisition will expand the ISEC Healthcare's eye specialist clinics footprint in Malacca of Malaysia, which serves as an established gateway to health tourists from Southern Sumatra and the Riau Bintang Islands of Indonesia.
Among top gainers, Jardine Cycle and Carriage rose 0.5 percent to 32.14 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.1 percent to 51.43 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore)
