Singapore stocks end lackluster tracking subdued Asia; Noble plunges 5%

Picture for representation
People pass an SGX Singapore Exchange logo outside its premises in Singapore's central business district. Reuters

Singapore shares ended 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, Reuters data showed.

Oil prices extended gains, 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 drop in U.S. crude stockpiles.

The Straits Times Index was down 0.12 percent or 4 points to 3,520. It ended 0.36 percent higher on Tuesday.

Also Read: Noble Group set to close its London oil desk

Among the lenders, lenders such as Oversea-Chinese Banking Corp lost 0.4 percent, United Overseas Bank declined 0.8 percent while DBS Group Holdings edged up 0.1 percent.

Embattled commodities trader Noble Group is closing down its London oil desk and winding down its Asia oil operations, Reuters reported on Wednesday. Shares in the company ended down 5 percent.

Active stocks included, Spackman Entertainment climbing 13 percent to S$0.11 while Blumont Group jumped 25 percent to S0.01 in afternoon trades.

Global Logistic Properties, which was bought by 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 1.8 billion shares worth S$1.1 billion changed hands, with losers outnumbering gainers 250 to 201.

This article was first published on January 10, 2018