Business

Singapore index hits 3-month low on taper concerns

December 12, 2013

Singapore's benchmark index eased to a three-month low today, tracking weakness in regional markets on rising expectations that the US Federal Reserve may cut down its monetary stimulus sooner rather than later.

The Straits Times Index dropped more than 1% to a three-month low of 3,025.41 in its eighth consecutive session of declines — its longest losing streak since August.

The MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1%.

City Developments was among the worst performers on the index, with shares falling as much as 1.9% to S$9.45 (RM24), its lowest since January 20 2012. The stock was trading at 1.3 times its average 30-day full-day volume.

Hutchison Port Holdings Trust rebounded strongly, rising as much 4.9% after falling to a two-year low of $0.60 (RM1.94) in the previous session. - Reuters, December 12, 2013.

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