Singapore shares were on course for a ninth day of decline in tepid trading, the longest losing streak in 11 years, echoing weakness in regional markets, weighed down by nervousness over a possible U.S. military attack on Syria.
The Straits Times Index dropped 0.8 percent to 3,059.78, with trading volume at just about half of the 30-day average turnover, led by Jardine Cycle & Carriage Ltd and Thai Beverage Plc.
In other stocks, Sino Grandness Food Industry Group Ltd , a China-based canned vegetables and fruits producer, was among the worst performers.
Shares of Sino Grandness Food Industry slumped as much as 22 percent after its peer China Minzhong Food Corp Ltd share price halved on a report from a short-seller on Monday.
Oilfield service firm Ezra Holdings Ltd shares rose 4.8 percent to S$0.87 after it denied media reports that it had been a target of acquisition from Samsung Heavy Industries. The company’s shares fell to S$0.82 last week, the lowest since November, 2011.
Ezra’s share price has fallen over 20 percent so far this year, as it faces project delays and cost overruns in its subsea division. In comparison, sector leader Ezion Holdings shares have climbed 37 percent this year.
“We expect downward pressure on Ezra’s margins for the next few quarters as it may still take some time for its subsea segment to fully integrate the AMC (Aker Marine Contractors)business,” Phillip Securities said in a note, setting the target price at S$1.00.