January 24, 2014 / 4:37 AM / 4 years ago

S'pore index set for biggest weekly loss in nearly four months

SINGAPORE, Jan 24 (Reuters) - Singapore shares tracked losses in Asian markets, heading for their biggest weekly loss in more than 3-1/2 months, with Keppel Corp weaker after reporting quarterly results.

Asian stocks slipped after disappointing Chinese manufacturing data raised concerns over the economy.

The benchmark Straits Times Index fell 0.5 percent and was set to register its largest weekly decline of 2 percent in nearly four months.

Keppel Corp shares fell 1.8 percent to an intra-day low of S$10.68, the weakest in five weeks, after the company said its net profit fell 26 percent in 2013.

In the broader market, Tiger Airways Holdings Ltd tumbled after the low-cost airline reported a net loss in its third quarter.

The stock lost as much as 12.2 percent to an intra-day low of S$0.43, the weakest since it listed on the bourse in January 2010. More than 3.7 million shares were traded as of 0356 GMT, 3.4 times the average full-day trading volume over the past 30 days.

Tiger Airways blamed industry overcapacity, which led to weaker yields and lower load factors. Broker OCBC downgraded its rating on the stock to “sell” from “hold” and cut the target price to S$0.42 from S$0.55.

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