Singapore stocks slip as Asian weakness weigh; Noble Group tanks 6%

Singapore stocks fell on Monday, dragged lower by lenders such as DBS Group amidst weakness in the Chinese and South Korean markets.

Singapore stock exchange
An SGX sign is pictured at Singapore Stock Exchange Reuters

Singapore stocks fell on Monday, dragged lower by lenders such as DBS Group amidst weakness in the Chinese and South Korean markets.

Asian stocks retreated from record highs and the dollar advanced as investors turned their attention to U.S. tax reform ahead of a busy week.

MSCI's broadest index of Asia-Pacific shares outside Japan rose early in the session on Friday's Wall Street gains but was last down 0.65 percent.

Economic reports from the U.S., China, Japan and India this week will allow investors to assess progress for global growth.

The Straits Times Index declined 0.17 percent or 6 points to 3,436. It ended 0.55 percent higher on Friday, taking the year-to-date performance to about 20 percent.

United Overseas Bank fell 0.6 percent, DBS Group Holdings dropped 0.7 percent while Oversea-Chinese Banking was up 0.2 percent.

Shares in embattled commodities trader Noble Group fell 6 percent after the company said it would sell its U.S.-based ethanol producing business to Zeeland Farm Services for US$12.5 million plus adjustments.

Real estate developer Oxley Holdings was down 0.8 percent after saying it is in negotiations with the owner of Chevron House to acquire the property.

Golden Agri-Resources, a producer of crude palm oil and palm kernel, dropped 1.3 percent after it agreed to sell its oilseeds business in Tianjin to a unit of Louis Dreyfus Company Asia, the international agricultural trader.

Shares of the mainboard-listed Sabana Shari'ah Compliant Industrial Real Estate Investment Trust fell as much as 5 percent after its talks with ESR-REIT with regards to a strategic review ended with no deal.

About 1.7 billion shares worth S$862 million changed hands, with losers outnumbering gainers 262 to 162.

Singapore stock exchange
An SGX sign is pictured at Singapore Stock Exchange Reuters

Singapore stocks fell on Monday, dragged lower by lenders such as DBS Group amidst weakness in the Chinese and South Korean markets.

Asian stocks retreated from record highs and the dollar advanced as investors turned their attention to U.S. tax reform ahead of a busy week.

MSCI's broadest index of Asia-Pacific shares outside Japan rose early in the session on Friday's Wall Street gains but was last down 0.65 percent.

Economic reports from the U.S., China, Japan and India this week will allow investors to assess progress for global growth.

The Straits Times Index declined 0.17 percent or 6 points to 3,436. It ended 0.55 percent higher on Friday, taking the year-to-date performance to about 20 percent.

United Overseas Bank fell 0.6 percent, DBS Group Holdings dropped 0.7 percent while Oversea-Chinese Banking was up 0.2 percent.

Shares in embattled commodities trader Noble Group fell 6 percent after the company said it would sell its U.S.-based ethanol producing business to Zeeland Farm Services for US$12.5 million plus adjustments.

Real estate developer Oxley Holdings was down 0.8 percent after saying it is in negotiations with the owner of Chevron House to acquire the property.

Golden Agri-Resources, a producer of crude palm oil and palm kernel, dropped 1.3 percent after it agreed to sell its oilseeds business in Tianjin to a unit of Louis Dreyfus Company Asia, the international agricultural trader.

Shares of the mainboard-listed Sabana Shari'ah Compliant Industrial Real Estate Investment Trust fell as much as 5 percent after its talks with ESR-REIT with regards to a strategic review ended with no deal.

About 1.7 billion shares worth S$862 million changed hands, with losers outnumbering gainers 262 to 162.

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