August 28, 2013 / 3:11 AM / in 4 years

STOCKS NEWS SINGAPORE-Index falls to 9-mth low; F&N outperforms

Singapore shares fell more than 1 percent on Wednesday to the lowest in about nine months, hit by worries about a possible U.S.-led military strike against the Syrian government.

The Straits Times Index slipped as much as 1.2 percent to 2,996.32, the lowest since late November last year. MSCI’s broadest index of Asia-Pacific shares outside Japan was 1 percent lower.

“It’s the combination of the tapering worries and the political uncertainty in the Middle East. The Middle East is always critical because of the impact on oil,” said a trader.

The sell-off on the Singapore bourse was broad-based, with beer and soft drinks company Thai Beverage Pcl leading the decline, down more than 5 percent. Palm oil producer Golden Agri-Resources Ltd and casino operator Genting Singapore Plc eased more than 2.6 percent each.

Shares of Fraser and Neave Ltd outperformed the market, rising as much as 5.1 percent after the real estate and soft drinks company unveiled plans to separately list its property arm.

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