Singapore’s STI slips a little more in the afternoon and is now down 1.0% at 3,076.39 as banking and real estate stocks drag following tighter rules on home loans announced by the central bank on Friday in a bid to curb rising prices in its heated property market.
The benchmark has immediate support at 3,070 while the 3,000 level remains a strong support, according to the chief of equity research at a local bank. “This is more of a knee jerk reaction to the property measures as they were not expected by the market. We think the market will remain stable for the rest of the day,” says the analyst, who tips 3,100 as resistance for the session.
CapitaLand is the worst performer, down 3.0% at $3.20, and City Developments is 2.3% lower at $11.68. DBS Group Holdings is down 1.7% at $14.22, UOB is down 1.0% at $19.63 while OCBC is off 0.5% at $9.44.
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