HPH Trust slumps, weighs on Singapore index

SINGAPORE (Reuters) - Hutchison Port Holdings Trust dipped as much as 4.5 per cent to its lowest in nearly two years as a strong technical level was broken, leading losses on the Singapore benchmark index.

HPH Trust fell to as low as US$0.64, a level unseen since January 2012, after breaking below US$0.675 in the previous session, which had been a key technical support since mid-November.

Analysts said that the break of that key technical level, combined with the uncertainty over the US Federal Reserve's stance on monetary stimulus on the market, made HPH Trust the worst performer on the index on Thursday.

The Straits Times Index dropped nearly 1 per cent to 3,130.76 by midday, on course for its biggest daily decline in more than two months.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.4 per cent.

HongKong Land Holdings was the only stock in the black on the index, up over 1 per cent at $5.81, recovering from a 17-month low of $5.68 hit in the previous session.

CapitaMalls Asia and Noble Group both fell more than 2 per cent.