Singapore stocks halt after clocking best week in nine months

Singapore stocks ended little changed on Monday as investors took a back-seat after the index posted its best weekly advance since January in the previous session.

SGX
An office worker walks past a logo of SGX outside its premises in Singapore. Reuters

Singapore stocks ended little changed on Monday as investors took a back-seat after the index posted its best weekly advance since January in the previous session.

Asian stocks rose amid optimism on global growth while political uncertainty caused turbulence for the Turkish and British currencies.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, having rebounded by 1.7 percent last week.

Friday's U.S. jobs report showed a spike in hourly wages that bolstered the odds for tighter monetary policy, pushing the chances of a December hike to nearly 80 percent.

The Straits Times Index rose 0.01 percent or 0.27 point to 3,291. It ended 0.9 percent higher on Friday, taking the year-to-date performance to about 14 percent.

Property developer City Developments gained 1.5 percent after it offered to buy the remaining shares in its London-listed hotel arm Millennium & Copthorne Hotels for 1.8 billion pounds ($2.35 billion).

Sembcorp Marine jumped about 5 percent after its unit PPL Shipyard signed agreements for the sale of nine Pacific Class 400 jackup drilling rigs for about US$1.3 billion (S$1.77 billion).

Singapore conglomerate Keppel Corp added about 1 percent after saying it received an eligibility-to-list letter from the SGX for the proposed initial public offering of a U.S. commercial real estate investment trust on the mainboard.

Aircraft maintenance company SIA Engineering on Friday said it would collaborate with Air India's subsidiary to provide maintenance, repair and overhaul services in India. Shares in the company were unchanged at S$3.19.

But commodity trader Noble Group lost 1.3 percent after saying it will announce the consideration paid by Mercuria Energy America Inc for its unit after adjustments for closing date net working capital.

About 2.1 billion shares worth S$992 million changed hands, with losers outnumbering gainers 247 to 197.

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