Property stocks in deep freeze after cooling measures

Singapore

PROPERTY stocks and financials took a hammering on Friday as news broke the night before of the government hiking additional buyer's stamp duty (ABSD) and tightening mortgages.

As at Friday's close, share prices swam in a sea of red, with research houses cutting ratings for stocks under their coverage. CapitaLand, the largest developer by market cap, ended the day nearly six per cent down to S$2.99, a level it last closed at on December 2016.

Oxley Holdings's stock fell to a level last seen in January 2017, losing 15.85 per cent to end at 34.5 Singapore cents. City Developments (CityDev) also saw one of the steepest drops, shedding S$1.75, or 15.61 per cent to end at S$9.46. Meanwhile, UOL's counter retreate…