The STI is down 1.1% at 3151.40 at midday, on worry that China’s latest interest rate hikes could slow the region’s economies. Banks and property stocks are among worst hit on growing worries that Singapore may take further steps to cool its property market and bank lending.
The benchmark briefly touched a low of 3146.42, below the 3150 support. A total of 806 million shares worth $1.02 billion were traded, higher than the 693 million shares traded till midday on Tuesday, with over three losers for every gainer.
“we believe this sell-down could lead to more attractive valuations for equities, and opportunities for bargain hunting may emerge,” CIMB says.
Most blue chip stocks are in the red with property firms such as City Developments (C09.SG) down 3.2% at $10.84 and CapitaLand (C31.SG) down 2.2% at $3.50. Among banks, United Overseas Bank (U11.SG) is 1.3% lower at $19.32, while OCBC (O39.SG) is down 0.9% at $9.66 and DBS (D05.SG) is down 0.3% at $15.08.
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