SINGAPORE, Aug. 20 (Xinhua) -- Singapore shares closed 0.15 percent lower on Monday, as late profit-taking dragged market down.
Maybank-Kim Eng Retail Research said "technically, the Straits Times Index looks oversold and may stage a technical rebound with immediate resistance at 3,240 points and then 3,300 points while underlying support remains at 3,200 points level."
Singapore benchmark Strait Times Index fell 4.73 points to 3,204.71 points. Trading volume was 1.28 billion shares worth 859 million Singapore dollars. Advancers outnumbered decliners 208 to 191.
Singapore Telecommunications fell 0.6 percent to 3.09 Singapore dollars It is divesting its 100 percent shareholding in GB21 to China Mobile International Infrastructure, a subsidiary of China Mobile, for 9.5 million U.S. dollars, subject to adjustments for net cash at completion. GB21 owns and operates a cable landing station in Hong Kong. The transaction is subject to the fulfillment of certain conditions precedent. Upon completion, GB21 will cease to be a subsidiary of Singapore Telecommunications.
Midas Holdings' shares remains suspended from the Singapore Exchange. Following the final judgment by the High Court of the Hong Kong SAR, Midas has been ordered to pay a judgment sum of about 7.3 million U.S. dollars to CRRC (Hong Kong) Co., Limited. The litigation arose after Newport Metals Inc's failure to pay for 13 overdue sales transactions. Midas was liable to pay for the delayed payment from Newport including liquidated damages as part of the financing agency agreement.
Among top gainers, Venture Corporation rose 1.9 percent to 18.21 Singapore dollars, while UOB became one of the top losers by falling 0.4 percent to 36.38 Singapore dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Enditem
