Singapore stocks hit 1-week low; Noble plunges 23%

SGX Logo. Reuters

Singapore shares fell 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.

The Straits Times Index declined 0.79 percent or 28 points to 3,548. 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 shed 1.3 percent, United Overseas Bank lost 1.4 percent while DBS Group Holdings fell 0.6 percent.

Active stocks included, QT Vascular climbing 12 percent to S$0.02 while Mermaid Maritime added 3.2 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 3.1 billion shares worth S$1.6 billion changed hands, with losers outnumbering gainers 324 to 150.

This article was first published on January 30, 2018