Share prices of telcos dip marginally on Wednesday

STOCK prices of all three listed Singapore telcos fell marginally on Wednesday, following the conclusion of the Info-communications Media Development Authority's first stage of the latest round of general spectrum auction on Tuesday.

M1 fell the most. As at 3.47pm, it was down by four Singapore cents or 1.85 per cent at S$2.12.

Singtel fell by one Singapore cent or 0.26 per cent to S$3.91, while StarHub fell by two Singapore cents or 0.7 per cent to S$2.86.

A report by Fitch Ratings found that aggressive bidding in the spectrum auction is a clear indication of rising telecom competition.

Singtel picked up 75MHz of spectrum for S$563.7 million, while StarHub came in second with 60MHz for S$349.6 million. M1 spent S$208 million for 30MHz, while Australia-based TPG Telecom spent S$23.8 million for 10MHz of spectrum.