Singapore stocks fall after 3-day rally; Thai Beverage drops 3%

Asian shares scaled back from record highs, hurt by weak crude and commodity prices

Trader works at DBS Group headquarters in Singapore. Reuters

Singapore shares declined following three straight sessions of gains on Wednesday, dragged by lenders such as DBS Group while weak Asian equities also dampened sentiment.

Asian shares scaled back from record highs, hurt by weak crude and commodity prices.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.15 percent from its record high as resource shares declined after oil and other commodities succumbed to profit-taking after recent gains, Reuters reported.

Investors are keeping an eye on China's yuan, which is trading at the strongest level in more than two years. Speculation is going on about possible steps to cool its gains.

The Straits Times Index ended down 0.23 percent or 8 points to 3,541. It ended 0.39 percent higher on Tuesday, taking the year-to-date gains to about 4 percent.

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Trading was also lackluster after Singapore's non-oil domestic exports slowed more-than-expected in December, hurt by drop in electronic shipments.

Among the lenders, Oversea-Chinese Banking Corp dropped 0.3 percent, United Overseas Bank shed 0.1 percent while DBS Group Holdings dropped 0.8 percent.

Active stocks included, QT Vascular falling 13 percent to S$0.01 while Blumont gained 620 percent to S0.01. Thai Beverage lost 2.7 percent.

Property developer City Developments shed 0.6 percent after saying the offer to privatise London-listed Millennium & Copthorne Hotels (M&C) will not be extended beyond January 26.

About 2.1 billion shares worth S$1.4 billion changed hands, with losers outnumbering gainers 256 to 198.

This article was first published on January 17, 2018