Singapore stocks extend losing streak to day 5 on weak Asian cues

Singapore stocks trader
A share market trader in Singapore Reuters

Singapore shares declined for a fifth session on Wednesday, dragged lower by lenders such as DBS Group and United Overseas Bank.

Asian shares fell, taking their cues from Wall Street with investor enthusiasm toward U.S. tax changes ebbing.

The U.S. House of Representatives voted to approve the tax bill Tuesday, but will have to vote again today because the current draft doesn't comply with Senate rules.

With corporate and individual tax rates set to drop, the measures are largely anticipated to add to growth over the next year or two, though they will also swell the budget deficit.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trading, while Japan's Nikkei stock index also edged down 0.2 percent.

The Straits Times Index fell 0.28 percent or 10 points to 3,394. It ended 0.3 percent lower on Tuesday, taking the year-to-date performance to about 18 percent.

Shares of United Overseas Bank lost 0.3 percent and DBS Group Holdings edged down 0.4 percent. Oversea-Chinese Banking rose 0.8 percent.

Brewing group Thai Beverage lost 0.5 percent after it won an auction to buy a $4.8 billion stake in Vietnam's top brewer Sabeco.

But CapitaLand added 0.3 percent after its unit CapitaLand China entered into a deal to acquire a commercial site in Wujiaochang decentralised business district, Shanghai, for 838 million yuan (about S$171 million).

About 1.4 billion shares worth S$1 billion changed hands, with losers outnumbering gainers 237 to 161.