Singapore shares were headed for their biggest one-day decline
in more than a year, tracking weaker global markets after
Federal Reserve chairman Ben Bernanke said the central bank
would start to reduce its stimulus measures later this year.
The benchmark Straits Times Index dropped nearly 2
percent on Thursday. The broadest MSCI's index of Asia-Pacific
shares outside Japan fell more than 3 percent in
its sharpest daily slump since November 2011.
Share price of Medtecs International Corp Ltd,
which produces medical products including face masks, surged 11
percent in a second straight day of rise to S$0.07, on
expectation of higher sales of masks in the city-state hit by
its worst air pollution in history.
In other stocks, ComfortDelGro Corporation Ltd
fell 2.8 percent to S$1.76, but stayed off a six-month low of
S$1.70 hit last week. Analysts at OCBC Investment Research saw
it as a good entry point given its recent share stability and
"Domestic challenges aside, the group's overseas growth
prospects, which have been its key growth driver, remain
unchanged," the analysts wrote in a note, adding that the blow
to share price from a recent partial stake sale by the Singapore
Labour Foundation has tapered off.
OCBC upgraded the stock to "buy" with a target price of