SGX extends fall; Yangzijiang Shipbuilding bucks trend

Singapore shares fell for a fourth session on Tuesday as heavyweight DBS Group Holdings extended losses following June quarter earnings.

SGX Logo. Reuters

Singapore shares fell for a fourth day on Tuesday as heavyweight DBS Group Holdings extended losses following June quarter earnings.

At 0540 GMT, the Straits Times Index lost 0.26 percent or 9 points to 3,311. It ended 0.18 percent lower on Monday, taking the year-to-date gains to about 15 percent.

DBS declined 1.4 percent, the biggest contributor to the losses on the index by points for a second straight session. The lender had dropped 2.6 percent on Friday after its earnings missed some analysts' expectations and it flagged concerns about asset quality.

Warehouse operator Global Logistic Properties edged down 0.3 percent after it reported a 29 percent fall in first-quarter profit due to lower revaluations.

Sabana Shariah Compliant Industrial REIT said it is currently in talks with ESR Funds Management to explore options in connection with its strategic review. Stock was down 1 percent after the removal of trading halt.

Realty developer Perennial Real Estate Holdings lost 1.6 percent despite reporting a 96 percent jump in second-quarter net profit.

Shares in Kimly, the largest traditional coffee shop operator in Singapore, were unchanged after it posted a 20 percent fall in third-quarter net profit.

Among the gainers, China-based Yangzijiang Shipbuilding rose up as much as 8 percent after it posted a 73 percent jump in second-quarter profit.

About 1 billion shares worth S$662 million changed hands, with losers outnumbering gainers 212 to 185.

The lackluster performance in Singapore stocks came as Asian stocks took a breather close to the highest since 2007 after a subdued U.S. session.

MSCI's broadest index of Asia-Pacific shares outside Japan gave up modest early gains to be barely changed, though it was still within a whisker of its recent decade high.