The STI is down 1.2% at 3039.40, falling more in early afternoon trade with 769 million shares traded worth $906 million; decliners outnumber gainers almost five to one.
A trader at a local brokerage says news of an 8.8 magnitude earthquake in northern Japan, which has caused damage to buildings Tokyo and is boosting safe-haven assets such as Japanese government bonds and the USD, isn’t behind the relatively sharp fall after lunch, and the market is still trading on the themes of geopolitical risk and inflation.
Another trader says he’s aware of the earthquake headlines but says “I’m looking for the reason (for the fall) myself, we’re all wondering what’s happening as well.”
Global Logistic Properties (MC0.SG), which has 69 properties in Japan with a total floor area of 2.8 million square metres extends declines after lunch, down 3.1% at $1.90. Keppel Corp. (BN4.SG) turns negative, off 0.3% at $11.78. With the benchmark index below 3040 support, analysts say 3000 could be next support.
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