* Index down 0.7 percent at 0600 GMT
* Tiger Airways jumps on Australian approval
* Pacific Andes falls after news on rights issue plan
By Eveline Danubrata
SINGAPORE, March 7 (Reuters) - Singapore shares
declined to the lowest in more than a month, largely in line
with regional markets, on new concerns about the Greek bailout
and slower global growth, but airline stocks outperformed.
Shares of index heavyweights United Overseas Bank Ltd
and Oversea-Chinese Banking Corp dropped
around 1.1 percent each on Wednesday.
By 0600 GMT, the Straits Times Index (STI) was down
0.7 percent, or 20.87 points, at 2,911.14. The index hit an
intra-day low of 2,906.58, the lowest since Feb. 2.
Asian shares fell for the third day in a row on Wednesday as
investors grew more risk averse.
Bucking the trend, shares of Tiger Airways Ltd
rose as much as 3.3 percent after the budget carrier's
Australian subsidiary received approval to operate a maximum of
64 sectors per day from October, up from 38 currently.
Tiger said it will also set up a second Australian base in
Sydney. Singapore Airlines Ltd, which owns around 33
percent of Tiger, was up 2.3 percent.
"This news could lead to a faster turnaround to
profitability for Tiger Australia than we earlier anticipated.
We believe the worst is over for the airline," Melissa Yeap, an
analyst at DMG & Partners Research, said in a report.
Among losers, shares of Singapore-listed Pacific Andes
Resources Development Ltd fell as much as 8.7 percent
after the fishing firm said it plans to do a rights issue of up
to 1.676 billion rights shares at S$0.14 each.
The issue will be on the basis of one rights share for every
two existing ordinary shares.
(Editing by Anshuman Daga)