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Singapore Hot Stocks-SGX down on worries over MF Global
November 2, 2011 / 2:46 AM / 6 years ago

Singapore Hot Stocks-SGX down on worries over MF Global

SINGAPORE, Nov 2 (Reuters) - Shares of Singapore Exchange (SGX) , Asia’s second-largest listed bourse, fell as much as 2.9 percent on Wednesday, on worries that the bankruptcy of U.S. brokerage firm MF Global could hurt its trading volumes.

At 0230 GMT, shares of SGX were 2.1 percent lower at S$6.39 percent, underperforming the benchmark Straits Times Index’s 0.8 percent loss.

“MF Global is a big clearing member and it’ll definitely affect trading volumes in the short term. It may not be as big here as in the U.S. or Australia, but there’s still exposure,” said a local trader.

SGX said on Monday it had told MF Global’s Singapore unit not to take any more derivative positions and to reduce existing positions. It said the brokerage was also meeting its financial obligations to the exchange’s clearing house.

MF Global, which filed for bankruptcy in the United States on Monday, said its Singapore unit has appointed KPMG to oversee the winding down of the company. (Reporting by Charmian Kok; Editing by Matt Driskill)

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