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Singapore shares fall to 1-week low on Fed stimulus withdrawal fears

Source : REUTERS
Last Updated: Thu, Nov 21, 2013 06:00 hrs

SINGAPORE, Nov 21 (Reuters) - Singapore shares fell for a third consecutive session to a one-week low on Thursday after minutes of the US Federal Reserve's October meeting indicated possible stimulus withdrawal at one of its next few meetings.

The benchmark Straits Times Index was down 0.5 percent at 3,168.19 at 0435 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3 percent.

Palm oil producer Golden Agri-Resources Ltd and casino operator Genting Singapore PLC were among the worst performers on the index. Genting shares fell 2.1 percent to an almost seven-week low of S$1.42 while Golden Agri dropped as much as 4.3 percent to S$0.56.

However, shares of Rex International Holding Ltd, advanced for a third consecutive session, rising 4.1 percent to S$0.64. The oil exploration company confirmed on Wednesday it acquired 10 percent stakes in two offshore licenses in Norway from North Energy ASA.

On the economic front, Singapore raised its full-year growth forecast for 2013 to between 3.5 and 4.0 percent after third-quarter GDP grew 5.7 percent from a year ago, helped by further signs of a recovery in manufacturing and continued strength in services.




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