Singapore shares edge lower inline with Asia; GLP set to delist on Jan 22

SGX Logo. Reuters

Singapore shares edged lower on Wednesday while Asian equities stepped back from 2007 highs as investors booked profits in high-tech shares.

Asia's stock rally to record highs took a breather after six straight days of gains until Tuesday.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent. Japan's Nikkei also shed 0.2 percent, slipping from 26-year highs hit the day before, according to Reuters data.

Oil prices jumped, with U.S. crude futures hitting a three-year high on a tight supply balance due to Organisation of Petroleum Exporting Countries-led production cuts and a decline in U.S. crude inventories.

At 0526 GMT, the Straits Times Index was down 0.11 percent or 4 points to 3,520. It ended 0.36 percent higher on Tuesday.

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Among the laggards, lenders such as Oversea-Chinese Banking Corp lost 0.1 percent while DBS Group Holdings and United Overseas Bank declined 0.2 percent each.

Active stocks included, Spackman Entertainment climbing 8 percent to S$0.11 while Blumont jumped 25 percent to S$0.01 in afternoon trades.

Global Logistic Properties, which was sold to a Chinese consortium for S$16 billion, said it would delist from the Singapore Exchange on January 22. Its shares last traded at S$3.37 on the Singapore Exchange on January 4.

About 934 million shares worth S$598 million changed hands, with losers outnumbering gainers 205 to 168.

This article was first published on January 10, 2018