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STOCKS NEWS SINGAPORE-Index at 5-week low as property, banks fall
May 30, 2013 / 4:37 AM / 4 years ago

STOCKS NEWS SINGAPORE-Index at 5-week low as property, banks fall

Singapore shares fell for a second day to their lowest in five weeks, led by drops in interest-rate sensitives such as property stocks, as concerns about a potential rollback of the U.S. Federal Reserve’s stimulus programme weighed on the region.

The Straits Times Index dropped 1.4 percent to S$3,321.08, underperforming the 0.5 percent decline in MCSI’s broadest index of Asia-Pacific shares outside Japan .

Warehouse operator Global Logistic Properties was one of the biggest losers on the index, falling as much as 4.6 percent to S$2.72. CapitaMall Trust, Singapore’s largest shopping mall landlord, dropped 2.8 percent.

Yields on 10-year Singapore government bonds have risen by around 40 basis points in recent weeks, and a government auction of seven-year bonds on Wednesday saw relatively weak demand.

Banking shares also fell, with United Overseas Bank dropping as much as 3.6 percent.

DBS Group Holdings, Singapore’s biggest bank, was down 2 percent at S$16.77. DBS was the top traded stock by value on Thursday.

12:20 (0420 GMT)

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