Bulls And Bears

S'pore market slides on US bond yield fears

Blue-chip losers include ThaiBev, Singtel and Venture Corp

Local shares took their cue from Wall Street's overnight decline after higher United States Treasury note yields sent investors scurrying from equities.

The Straits Times Index dipped 16.55 points, or 0.46 per cent, to 3,568.01, with losers beating gainers 307 to 126.

Taxi operator ComfortDelGro was among the nine index stocks that closed higher. After being left out in the cold by the now-departed Uber, ComfortDelGro added two cents to $2.23 on a report that it is in talks to tie up with Indonesia's Go-Jek ride-hailing firm.

Blue-chip losers included Thai Beverage, down three cents to 84.5 cents on trade of 33.39 million shares.

Singtel slipped three cents to $3.40 with 32.29 million shares traded. This came after a partially owned unit of its Indian associate, Bharti Airtel, announced a merger with rival Indus Towers.

CapitaLand Commercial Trust reeled again from Tuesday's fall in first-quarter distribution per unit. It lost two cents to $1.78.

Venture Corporation dropped 83 cents, or 3.55 per cent, to $22.57. The firm reported a 72.2 per cent year-on-year surge in first-quarter earnings after the market closed.

The counter was battered by rumoured client Philip Morris' slow electronic-cigarette sales, but UOB Kay Hian analyst Foo Zhi Wei said on Monday that the market had "largely overreacted".

He added that "it is important to note that growth is driven by a host of other products".

The day's big winner was scientific equipment supplier Techcomp (Holdings), which rose 23 cents, or a whopping 62.16 per cent, to 60 cents. The company is slated for a reorganisation after major shareholders decided to sell a 61.6 per cent stake to a Chinese state-owned firm.

Addvalue Technologies, which has secured the first major contract for its inter-satellite data relay system, ticked up 0.1 cent to 4.1 cents.

But apart from these happy few, the bourse was awash in red.

Trek 2000 International lost 7.4 cents, or 32.89 per cent, to 15.1 cents after a one-day trading halt. The tech firm behind the thumb drive was hit by a fresh scandal this week, as forensic accountants unearthed potentially illegal transactions.

Sunningdale Tech fell 18 cents, or 12.25 per cent, to $1.29. Its first-quarter results out on Monday showed a one-off foreign exchange loss and a 74.8 per cent tumble in profits.

Even AEM Holdings' sterling first-quarter earnings - almost double the net profit a year ago - could not prevent the counter from shedding 28 cents, or 4.24 per cent, to $6.32.

A version of this article appeared in the print edition of The Straits Times on April 26, 2018, with the headline 'S'pore market slides on US bond yield fears'. Print Edition | Subscribe