Singapore shares slip at midday, weighed by telcos

REUTERS - Singapore shares were slightly lower on Wednesday, weighed by telecommunication operators StarHub and Singapore Telecommunications.

The Straits Times Index was down 0.2 per cent at 3,239.33 points, in line with MSCI's broadest index of Asia-Pacific shares outside Japan.

StarHub shares declined 2.5 per cent, while SingTel fell around 1 per cent.

SingTel, Southeast Asia's largest telco firm, reported a 7 per cent rise in first-quarter net profit but warned of falling revenue due to the weakening Australian dollar.

The top two traded stocks by volume in the Singapore market were GSH Corp a consumer goods distributor that expanded into property development, and engineering firm Tritech Group.

GSH shares jumped as much as 9.5 per cent after it said Far East Organization Centre had bought 500 million shares, or a 5.06 per cent stake, in the company through Goodview Properties Pte Ltd.

More than 302 million shares were traded, 6.5 times the average full-day volume over the past 30 days.

Tritech fell more than 3 per cent with nearly 82 million shares changing hands, 10.6 times the average full-day volume over the past 30 days. The stock had more than doubled on Tuesday after the company announced a placement of 75 million shares.