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.
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