Singapore shares fell by midday, hurt by weaker-than-expected company earnings and after regional markets eased following weak European economic data.
Neptune Orient Lines, the world’s sixth biggest container shipping firm, plummeted by as much as 11.2 percent to a five-week low after reporting a larger-than-expected quarterly quarterly loss of US$320 million ($402.6 million), hit by high fuel costs and lower freight rates.
By 1:00 p.m., the Straits Times Index was down 1%, or 29.99 points, at 2,965.60. Around 1.3 billion shares worth S$1.2 billion were traded.
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