Singapore index snaps 9-day winning streak
SINGAPORE Jan 3 (Reuters) - Singapore shares fell on Friday and snapped a nine-day winning run as Asian stock markets were roiled by risk aversion.
The Straits Times Index shed 0.6 percent to 3,154.6 by 0415 GMT. The benchmark had advanced 3.7 percent in the previous nine sessions to a one-month high, but ended flat last year, dragged by weakness in the real estate sector.
United Overseas Bank Ltd and Oversea-Chinese Banking Corporation Ltd both lost 0.9 percent and Singapore Airlines Ltd declined 1.4 percent.
Asian equities were under water after a sudden reversal in some very popular, and thus crowded, trades sparked a bout of global risk aversion.
DBS Vickers said it expects earnings growth at Singapore companies to accelerate this year on an external recovery.
"In terms of stock pick, global proxies, China beneficiaries and oil and gas plays are key focus," it said in a report and highlighted proxies to global recoveries such as Hutchison Port Holdings Trust, Goodpack Ltd and Venture Corporation Ltd.
With China's outlook stabilising, Midas Holdings Ltd , Global Logistic Properties Ltd and Osim International Ltd were the beneficiaries of China's reform efforts, the brokerage said.
- Confusion as search for Malaysian jet spreads across SE Asia |
- Malaysia military source says missing jet veered to west |
- Toddler found with heroin at New Jersey daycare center
- Special Report: How China's official bank card is used to smuggle money |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source