Singapore shares down 1% by midday, set for fourth session of losses

Singapore shares looked set for a fourth straight session of declines on Tuesday on continued jitters over the possible reduction of United States money printing.

At around 12.30pm, the benchmark Straits Times Index was down 32.99 points, or 1.04 per cent, to 3,140.34 points. The gauge of 30 blue-chip stocks had dropped more than 20 points for each of the past three trading sessions.

Index decliners on Tuesday included Jardine Cycle & Carriage, behind by $1.46 or 3.8 per cent to $36.95.

Investors are taking shelter ahead of the release of minutes from July's US Federal Reserve meeting, slated on Wednesday. The statement will be carefully studied, and many economists expect a tapering in the money printing to be announced at the September policy meeting.

Across the market, decliners far outnumbered gainers, by 241 to 83.