Singapore stocks: STI resumes Wednesday afternoon at 3,357.64, down 0.39% on day

SINGAPORE stocks edged down as trading resumed on Wednesday afternoon, with the Straits Times Index declining 0.39 per cent or 13.16 points to 3,357.64 as at 1.04pm, charting weaker performance across Asian markets.

On the Singapore bourse, losers outnumbered gainers 164 to 148, or about 10 securities down for every nine up, after 963.5 million securities worth S$596.6 million changed hands.

Among the most heavily traded by volume, Genting Singapore shed 3.7 per cent or S$0.035 to S$0.90 with 49.5 million shares traded. Disa shed 33.3 per cent or S$0.001 to S$0.002 with 47.4 million shares traded.

Sembcorp Marine fell 7.8 per cent or S$0.12 to S$1.42 with 18.3 million shares traded. The stock tumbled during morning trade following an announcement on Brazilian authorities executing a search warrant on its subsidiary Estaleiro Jurong Aracruz (EJA) over an anti-graft probe over a former consultant.

OCBC Investment Research has maintained "hold" on SembMarine's stock, with a lower fair value estimate of S$1.50 from a previous estimate of S$1.60, recommending investors wait for clarity on the matter.

Among active index stocks on the Singapore Exchange, Singtel held steady at S$3.50; Suntec Real Estate Investment Trust was up 1.5 per cent or S$0.03 to S$1.98.

Banking stocks were trading weaker, with DBS Group Holdings fell 1.4 per cent or S$0.38 to S$26.12; United Overseas Bank was down 0.6 per cent or S$0.17 to S$26.38; and OCBC Bank was down 0.4 per cent or S$0.05 to S$11.49.

Elsewhere in Asia, Shanghai was one of the biggest losers, down 1 per cent, while Hong Kong was down 0.3 per cent, and Tokyo lost 0.7 per cent by the break. Seoul also fell 0.8 per cent, while Taipei gave up 1 per cent. Sydney meanwhile, was up 0.4 per cent. Oil prices also inched up slightly following data observing another drop in US stockpiles.