Singapore shares edge down; CityDev hits 3-1/2 week low
Published on May 16, 2014 1:28 PM
SINGAPORE (Reuters) - Singapore shares edged down on Friday, though the index was slightly higher on the week, as investors took profits and refrained from taking further positions ahead of the weekend.
The benchmark Straits Times Index was down 0.3 per cent at 3,258.12, though it was still 0.3 per cent higher on the week. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.04 per cent.
The Singapore index was weighed down by heavy losses in shares of real estate developer City Developments, which stretched declines into a second day to hit a 3-1/2 week low after posting a 13 per cent fall in quarterly profit on Wednesday.
CityDev shares were down 3 per cent, on course for their biggest daily loss in almost a year.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here