Singapore stocks showed little signs of recovery after four days of declines, with Wilmar International Ltd and CapitaMalls Asia Ltd figuring among the main losers as volatility in China’s money market dampened Asian shares.
The Straits Times Index shed 0.2 percent to 3,067.3 points, extending a four-day losing streak which saw the index slump about five percent to six-month lows. Chinese shares sank deeper into bear market territory.
The broader Singapore market looks set to underperform on earnings growth. According to StarMine SmartEstimates, Singapore is set to show Asia Pacific’s lowest earnings growth rate of 8 percent for forward 12 months versus an average increase of 17.3 percent for the region.
Among Tuesday’s losers, Singapore Press Holdings Ltd fell 1.4 percent on increased uncertainty over its planned property IPO, traders said. Bookbuilding and pricing for SPH’s REIT are due this month and the listing is aimed for July, but global market volatility has already taken a toll on regional IPOs.