SINGAPORE Cheap Jake Butt Jersey , Sept. 29 (Xinhua) -- Singapore shares closed 0.14 percent lower on Tuesday, as investors dumped shares following plunging commodity prices.
Commodity and energy stocks led declines on continued concerns about a global slowdown. Global commodity stocks fell sharply overnight after the Swiss mining-and-trading company Glencore PCL' s share price slumped in London on concerns about its debt load as commodity prices tumbled.
Meanwhile, a spokesman for China's National Bureau of Statistics last week expanded the definition of the "around 7 percent" 2015 gross domestic product (GDP) growth target to include a range of 6.5 percent to 7.5 percent, triggering investors who interpreted the new definition as "China's GDP may fall to 6.5 percent in the worst case" to dump shares in Hong Kong, further dampening the market sentiment across the region.
DBS Group Research said "we think it's a little early to jump into the market right now as sentiment continues to stay cautious ahead of the Monetary Authority of Singapore (MAS) policy meeting and third-quarter GDP release around mid-October. A technical ' undershoot' within this period towards 2,660 points is possible but should be followed by a rebound to 2,870 points."
Singapore's benchmark Straits Times Index dropped 3.98 points to 2,787.94 points. Trading volume was 1.23 billion shares worth 1. 28 billion Singapore dollars. Decliners outnumbered advancers 271 to 126, while 538 stocks did not move.
Among top actives, Noble Group dived at 10.1 percent to 40 Singapore cents. The commodities trader took cue from Glencore's shares plunge overnight, and by now has been pummeled as much as 66 percent this year. Investors were concerned that Glencore's high debt load will lead to downgrades from credit-ratings firms and cripple its debt-fueled trading business. On Monday, Glencore' s shares plunged 29 percent, its biggest one-day decline since it went public in 2011.
Croesus Retail Trust shed 2.9 percent to 83.5 Singapore cents. The Japan-focused real estate investment trust announced a rights offer to part-fund an acquisition in Japan. It planned to raise 69. 7 million Singapore dollars in the 22-for-100 rights issue of its units. The trust is offering its units at 61 Singapore cents each, a 29.1 percent discount to the closing price Monday. It also announced a deal to buy Torius Property, a large-scale suburban mall in Hisayama-Machi, about 13 kilometers from central Fukuoka City.
Among the top gainers, ST Engineering jumped 4.2 percent to 2. 96 Singapore dollars, whereas Jardine Matheson became one of the top losers by falling 1.1 percent to 47 U.S. dollars. (1 U.S. dollar equals to 1.43 Singapore dollars)
WASHINGTON, Sept. 22 (Xinhua) -- Leaders of the United States and the Republic of Korea (ROK) had reiterated the goal of peacefully solving the Democratic People's Republic of Korea (DPRK) nuclear issue, the White House said on Friday.
"President (Donald) Trump and President Moon (Jae-in) reaffirmed the two countries' joint goal of pursuing the complete, verifiable, and irreversible denuclearization of North Korea in a peaceful manner," the White House said in a readout of Trump and Moon's Thursday meeting in New York.
The statement came days after Trump threatened in a speech at the United Nations General Assembly that the United States "will have no choice than to totally destroy" the country unless Pyongyang refrains from its nuclear tests and missile launches.
On Friday, the top leader of the DPRK, Kim Jong Un, vowed to retaliate, saying Trump will "pay dearly" for "his speech calling for totally destroying the DPRK."
Trump and Moon also agreed that "maximum pressure and sanctions" are necessary to deter the DPRK's "threatening actions," the White House statement said.
Trump on Thursday signed an executive order aimed at further cutting off sources of revenue that fund the DPRK's nuclear program.
Also on Thursday, Chinese Foreign Minister Wang Yi said that China is firmly committed to the denuclearization of the Korean Peninsula during his speech at the General Debate of the 72nd session of the UN General Assembly.
Wang urged the DPRK not to go its own way in a dangerous direction. Meanwhile, he urged the United States to honor its "Four Nos" commitment to the DPRK, and called for all parties concerned to play constructive roles in relieving tensions in the region.
China said the six-party talks are still an efficient platform to address the Korean Peninsula nuclear issue.
China's proposal of "suspension for suspension" aims to find a breakthrough while the "dual track approach" plans to resolve all parties' reasonable security concerns via dialogue and consultation in a balanced way thus finding a long-term resolution to the issue.
"Suspension for suspension" refers that the DPRK suspends its missile and nuclear activities in exchange for a halt to large-scale military exercises between the United States and ROK.
"Dual track approach" refers that denuclearizing the peninsula on the one hand and establishing a peace mechanism on the other.
Tension on the Korean Peninsula has been escalating following a series of missile launches and the Sept. 3 nuclear test conducted by Pyongyang.
The UN Security Council unanimously adopted a resolution on Sept. 11 to impose new sanctions on the DPRK over its latest nuclear test.
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