SINGAPORE, Nov. 30 (Xinhua) -- Singapore shares closed 1.75 percent lower on Monday, as profit-taking continued to emerge after market surged last week.
U.S. markets posted marginal new highs on thin post-Thanksgiving trades last Friday as hopes for quick approval of coronavirus vaccines counterbalanced soaring infection rates, but indices futures were higher in Asia on Monday after the U.S. Surgeon General Jerome Adams said on Sunday the federal government hopes to quickly review and approve requests from two big drugs makers for emergency approval of their vaccines.
Meanwhile, crude oil prices fell in Asia after a panel of Organization of Petroleum Exporting Countries ministers could not reach an agreement on whether to delay January's oil output increase, leaving the matter unresolved before a full meeting of the cartel and its allies on Monday.
MayBank-Kim Eng Retail Research said "technically, the Straits Times Index is still overstretched and has yet to close the breakdown gap at 2,960 points set in March, with near term support at 2,814 points."
Singapore's benchmark Straits Times Index fell 49.87 points to 2,805.95 points. Trading volume was 2.9 billion shares worth 3.65 billion Singapore dollars. Decliners outnumbered advancers 314 to 156.
UOB fell 2.39 percent to 22.51 Singapore dollars. It secured over 3 billion Singapore dollars in foreign direct investment into Vietnam in alliance with Vietnam's Foreign Investment Agency (FIA) and facilitating an additional pipeline of more than 1.5 billion Singapore dollars.
The bank has helped over 150 companies seize opportunities in Vietnam and aims to double the number. Under the terms of the expanded memorandum of understanding, the bank will be focusing on sustainable energy, manufacturing, infrastructure, healthcare and technology sectors.
Vietnam's FIA will also broaden access to investment opportunities beyond Ho Chi Minh City and Hanoi into fast-developing cities of Bac Ninh, Hai Duong, Binh Duong and Dong Nai.
Among top gainers, Jardine Matheson rose 0.32 percent to 53.07 Singapore dollars, while DBS Group Holding became one of the top losers by falling 1.87 percent to 25.2 Singapore dollars. (1 U.S. dollar equals 1.34 Singapore dollars)