Singapore shares continue to slip amid speculation of Fed tapering

Singapore's bourse continued to lose ground during early trading on Friday, after an unexpected drop in United States jobless claims fueled speculation the Federal Reserve will cut stimulus next month.

By midday, the local benchmark Straits Times Index had slipped 12.60 points, or 0.39 per cent, to 3,208.23.

Some 1.38 billion shares changed hands, at a total value of $548.6 million.

Penny stocks dominated the list of top actives, with Ipco leading the pack, rising 0.2 cent to 3 cents on a turnover of 222.9 million shares.

Contel Corp was next, gaining 0.3 cent to 7.4 cents, followed by Albedo, which edged up 0.2 cent to 2.4 cents.