Singapore stocks fall along with Asia; Noble plunges 23%

SGX Logo. Reuters

Singapore shares fell as much as 0.7 percent to a one-week low on Tuesday, weighed down by financial and real estate stocks.

Asian shares declined, tracking Wall Street following a slide in Apple shares on news that the company will cut production of its iPhone X smartphone.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 percent after rising to an all-time high the previous day. Australian stocks shed 0.4 percent, South Korea's KOSPI lost 0.1 percent and Japan's Nikkei dropped 0.7 percent, Reuters data showed.

At 0525 GMT, the Straits Times Index declined 0.7 percent or 25 points to 3,552. It ended 0.28 percent higher on Monday, taking the year-to-date gains to about 5 percent.

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The city-state's top lenders Oversea-Chinese Banking Corp and United Overseas Bank lost 1 percent each while DBS Group Holdings fell 0.6 percent.

Active stocks included, QT Vascular climbing 18 percent to S$0.02 while Mermaid Maritime added 4 percent to S$0.2 in afternoon trades.

Shares in Noble Group fell as much as 23 percent to S$0.20 after the commodities trader struck a deal the creditors to restructure US$3.5 billion of its debt.

About 1.9 billion shares worth S$803 million changed hands, with losers outnumbering gainers 242 to 125.

This article was first published on January 30, 2018