SGX falls for third day as banks continue decline

Singapore stocks fell for a third day on Friday, dragged by lenders such as OCBC and as geopolitical tensions over North Korea's nuclear and missile programme continued to cast a shadow.

sgx
Reuters

Singapore stocks fell for a third day on Friday, dragged by lenders such as OCBC and as geopolitical tensions over North Korea's nuclear and missile programme continued to cast a shadow.

Asian shares gained, supported by solid Chinese trade data.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 percent, and was set for a 0.2 percent gain for the week.

China's August exports rose 5.5 percent from a year earlier, slightly missing analysts' forecast of a 6.0 percent increase, while imports grew a robust 13.3 percent, beating expectations of 10 percent growth, Reuters reported.

U.S. dollar was under pressure after European Central Bank chief Mario Draghi's remarks that policymakers would decide on tapering this autumn.

At 0630 GMT, the Straits Times Index lost 0.13 percent or 4 point to 3,223. It ended 0.14 percent lower on Thursday, taking the year-to-date performance to about 12 percent.

Among the lenders, Oversea-Chinese Banking Corp fell 0.4 percent while United Overseas Bank dropped 0.1 percent.

Shares in independent oil explorer Loyz Energy fell as much as 6 percent after the company said it had entered into a memorandum of understanding with investment firm Arctos Investments Pte. to form a joint venture company.

Pacific Radiance shares plunged 8 percent after it said that together with its advisers, it has commenced discussion with its bank lenders to review the group's financial position and capital structure.

Among the gainers, Sushi chain owner Sakae Holdings jumped 8 percent after High Court has ordered its associate company, Gryphon Capital Management to be wound up by consent.

About 1.3 billion shares worth S$643 million changed hands, with gainers outnumbering losers 163 to 154.

sgx
Reuters

Singapore stocks fell for a third day on Friday, dragged by lenders such as OCBC and as geopolitical tensions over North Korea's nuclear and missile programme continued to cast a shadow.

Asian shares gained, supported by solid Chinese trade data.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 percent, and was set for a 0.2 percent gain for the week.

China's August exports rose 5.5 percent from a year earlier, slightly missing analysts' forecast of a 6.0 percent increase, while imports grew a robust 13.3 percent, beating expectations of 10 percent growth, Reuters reported.

U.S. dollar was under pressure after European Central Bank chief Mario Draghi's remarks that policymakers would decide on tapering this autumn.

At 0630 GMT, the Straits Times Index lost 0.13 percent or 4 point to 3,223. It ended 0.14 percent lower on Thursday, taking the year-to-date performance to about 12 percent.

Among the lenders, Oversea-Chinese Banking Corp fell 0.4 percent while United Overseas Bank dropped 0.1 percent.

Shares in independent oil explorer Loyz Energy fell as much as 6 percent after the company said it had entered into a memorandum of understanding with investment firm Arctos Investments Pte. to form a joint venture company.

Pacific Radiance shares plunged 8 percent after it said that together with its advisers, it has commenced discussion with its bank lenders to review the group's financial position and capital structure.

Among the gainers, Sushi chain owner Sakae Holdings jumped 8 percent after High Court has ordered its associate company, Gryphon Capital Management to be wound up by consent.

About 1.3 billion shares worth S$643 million changed hands, with gainers outnumbering losers 163 to 154.

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