More than two-thirds of Singapore's leading blue-chip stocks have dipped to 12-month lows in the latest market rout.
Of the 30 stocks of the benchmark Straits Times Index (STI), 22 were at 52-week lows after the market closed yesterday. The STI dived 4.3 per cent to close at 2,843.39, a fresh full-year nadir and its lowest level since June 2012.
The day's drop extended the STI's full-month loss to 15.2 per cent, reflecting the deepening bearish sentiment across the region.
All 30 blue chips ended in red ink yesterday and only eight managed to close above their full-year lows: Thai Beverage, Singtel, Singapore Exchange, Singapore Airlines, Olam, Hong Kong Land, City Developments and Ascendas Real Estate Investment Trust.
Remisier Desmond Leong said: "Investors are scared of what's happening in China now with Shanghai stocks falling off the cliff, not to mention that US and Greece uncertainties are still on people's minds."
IN A BAD STATE
The market is in a very weak shape now, and everybody is telling me to either sell or reduce position.
MR DESMOND LEONG, remisier
The three local banks were sold down despite their defensive nature. DBS Group Holdings slid 3.5 per cent to $17.65, OCBC sank 4.4 per cent to $8.70, and United Overseas Bank lost 2.93 per cent to $18.55.
CapitaLand also hit its full-year low, as investors expected the property firm to be hit hard by the yuan's devaluation due to its substantial asset base in China.
The counter sank 6.67 per cent to $2.80.
But the hardest hit blue chip was again Noble Group, which dived 7.87 per cent to 41 cents. The embattled commodity firm was already strained by the multi-year commodity crunch and accusations of poor accounting and governance.
Wong Wei Han