Shares of Singapore property firms with British exposure weaken further

This comes as British pound continues to fall and analysts recommend defensive plays such as Reits and telcos

Published Mon, Jun 27, 2016 · 09:50 PM

Singapore

SINGAPORE stocks gained some footing on Monday after Friday's shock from the United Kingdom voting to leave the European Union.

But some counters - mostly those in real estate - that are exposed to the UK continued to fall as analysts recommended investors to go defensive.

One of them - City Developments - was among the biggest losers on the Singapore Exchange (SGX) on Monday. Its share price fell 3.73 per cent, or 31 Singapore cents, to close at S$8.00. It had already seen its share price fall by 4.37 per cent on Friday.

Analysts pointed out that the falling British pound had weighed on the asset value and balance sheets of…

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