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Palm oil firms tumble; Singapore index continues losing streak
January 14, 2014 / 4:46 AM / 4 years ago

Palm oil firms tumble; Singapore index continues losing streak

SINGAPORE, Jan 14 (Reuters) - Shares of palm oil firms took a hit on Tuesday after prices of Malaysian palm oil tumbled, while the Singapore index continued its losing streak in the wake of disappointing U.S. employment data.

Plantation companies were among the biggest losers on the index, following a more-than-two-month dip in Malaysia palm oil prices as investors remained cautious over higher stocks amid sluggish export demand.

Golden Agri-Resources Ltd fell as much as 2.8 percent to a nearly three-month low at S$0.52, with trading volume at 1.2 times the average 30-day full-day volume.

Wilmar International Ltd dropped as much as 2.7 percent to S$3.22, its lowest since Oct. 9, while First Resources Ltd dipped 2.9 percent to an intra-day low at S$1.99.

The benchmark Straits Times index headed for a fourth straight session of falls, dropping 0.4 percent to 3,122.15 points by 0413 GMT, in line with a 0.5 percent fall in broader Asia-Pacific shares outside Japan.

Shares of Singapore property firms fell after private resale home prices reportedly continued to slip.

CapitaLand Ltd share fell as much as 1 percent to S$2.92, hitting a more-than-four-month low. Hongkong Land Holdings Ltd snapped six sessions of gains and dropped as much as 1.9 percent to S$6.12.

Private resale home prices fell for a fourth straight month, reported the Business Times daily, taking their cues from the primary market where developers have slashed launch prices to attract buyers. ( (Reporting By Laura Philomin and Brian Leonal; Editing by Sunil Nair)

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