The STI is down 0.8% at 3051.53 midday in low volume of 562 million shares, in line with falls across regional bourses as Middle East troubles weigh on risk appetite, while China’s above-view inflation numbers renew fears of further tightening in Asia’s largest economy.
“The Chinese have already said that inflation will be their number one priority, so these (February CPI and PPI) numbers will add to fears of more measures from Beijing that could slow growth,” says a dealer at a local house. China’s February consumer prices rose 4.9% on year vs expectations for +4.8%. Keppel (BN4.SG) outperforms, +0.9% at $11.92, after it wins $170 million of shipbuilding contracts.
Golden Agri (E5H.SG) is down 1.5% at $0.660, as analysts and investors turn bearish on CPO prices. CapitaMall Trust (C38U.SG) falls 1.6% to $1.80 after saying it raised $250 million by placing 3-year unsecured convertible bonds. 3040 tipped as support for the STI.
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