Developers Lead Losses On Straits Times Index

[DailyFx]

Singapore equity markets fell on the day, led by exporters and developers. Notably, shares in City Developments Ltd. and Neptune Orient Lines fell from record valuations as investor concerns over recent advances added to downward profit taking. City Development shares fell 40 cents to S$16.10, after closing at a record high in yesterday’s session. Neptune Orient Lines stock dipped 2.1 percent to close at S$3.72. In this year alone, shares in Asia’s fourth largest shipping company have risen 78 percent. Evidence of widespread profit taking were viewed in shares of Keppel Corp. The company’s stock fell 10 cents to S$21.60 after rising 3.8 percent yesterday on first quarter profit that rose 48 percent. Ultimately, the Straits Times index lost 8.29 points to end the session at 3,398.60 at the close.