Singapore shares fall to 1-week low on Fed stimulus withdrawal fears

SINGAPORE (Reuters) - Singapore shares fell for a third consecutive session to a one-week low on Thursday, after minutes of the US Federal Reserve's October meeting indicated possible stimulus withdrawal at one of its next few meetings.

The benchmark Straits Times Index was down 0.5 per cent at 3,168.19 by early afternoon. The MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent.

Palm oil producer Golden Agri-Resources and casino operator Genting Singapore were among the worst performers on the index.

Genting shares fell 2.1 per cent to an almost seven-week low of $1.42 while Golden Agri dropped as much as 4.3 per cent to $0.56.

However, shares of Rex International Holding advanced for a third consecutive session, rising 4.1 per cent to $0.64. The oil exploration company confirmed on Wednesday it acquired 10 per cent stakes in two offshore licenses in Norway from North Energy ASA.

On the economic front, Singapore raised its full-year growth forecast for 2013 to between 3.5 and 4.0 per cent after third-quarter GDP grew 5.8 per cent from a year ago, helped by further signs of a recovery in manufacturing and continued strength in services.