Singapore stocks fall along with Asia; DBS, UOB drop

Singapore stocks fall along with Asia; DBS, UOB drop

Ibtimes·2017-12-17 01:35

SGX Logo. Reuters

Singapore shares fell for a second session on Friday, with financials such as United Overseas Bank and DBS Group accounting for most of the losses.

Asian shares edged lower, tracking Wall Street overnight amidst concerns about the progress of U.S. tax reform.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 percent, but poised to gain 0.7 percent for the week.

At 0510 GMT, the Straits Times Index lost 0.55 percent or 19 points to 3,416. It ended 0.95 percent lower on Thursday, taking the year-to-date performance to about 19 percent.

Shares of United Overseas Bank were down 1.3 percent, Oversea-Chinese Banking fell 0.5 percent while DBS Group Holdings declined 1.2 percent.

Real estate developer Oxley Holdings on Thursday said its unit won the tender for the purchase of Vista Park in South Buona Vista Road at S$418 million. Shares in Oxley Holdings were unchanged S$0.63.

KTL Global, a supplier of rigging equipment to the offshore oil and gas, said it got a notice from the Monetary Authority of Singapore regarding an investigation into an offence under the Securities and Futures Act. Shares in the company last traded at S$0.03.

Shares in TMC Education jumped as much as 75 percent to seven Singapore cents on Friday after the trading resumed. The rally comes following news of a takeover bid by Singapore property tycoon Koh Wee Meng.

About 591 million shares worth S$390 million changed hands, with losers outnumbering gainers 178 to 125.


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