Singapore’s Straits Times Index slipped 0.7 percent to 2,708.35 as of 9:58 a.m. local time. Eight stocks fell for each that rose in the benchmark gauge of 30 companies. The measure is poised for a 2.4 percent decline this week.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
China developers: China should maintain property curbs because housing prices in some Chinese cities are still relatively high, Ren Xingzhou, a director at the market economy research department of the State Council’s Development Research Center, wrote in a People’s Daily article.
Capitaland Ltd. (CAPL) , Southeast Asia’s biggest developer that gets about 21 percent of its sales from China, dropped 2.1 percent to S$2.37. Guocoland Ltd. (GUOL) , a real- estate company that counts China as its largest market, sank 4.1 percent to S$1.66. Yanlord Land Group Ltd. (YLLG) , a China- based homebuilder, slid 1 percent to S$1.035.
Noble Group Ltd. (NOBL) , a Hong Kong-based commodity supplier, slipped 1.7 percent to S$1.185. The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities ranging from copper to corn, decreased 0.7 percent in New York yesterday, extending its decline for a second day.
Singapore Telecommunications Ltd. (ST) , Southeast Asia’s largest phone company, gained 1 percent to S$3.17. Credit Suisse Group AG maintained its “outperform” rating on the stock, saying the company and its regional associates are benefiting from strong demand for smartphones.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org