Singapore shares slip in early trade as the city’s below-view June external trade data gives downbeat leads ahead of US Federal Reserve Chairman Ben Bernanke’s anticipated congressional testimony later in the global day.
The STI falls 0.4% to 3,212.68, extending Tuesday’s 0.4% loss. Singapore’s economy “faces strong headwinds in terms of tepid global demand conditions” and its latest key exports measure adds to Asian numbers suggesting that “the regional trade recovery theme remains very weak,” OCBC says, tipping the STI to trade between 3,200 and 3,260 Wednesday. About 991.5 million shares worth a paltry $244.2 million changed hands so far, with gainers leading decliners 129 to 93. But blue chips are underperforming, with Thai Beverage (Y92.SG) down 1.7% at $0.590.
Property names aren’t doing well either, with CapitaMalls Asia (JS8.SG) down 1% at $1.94, its parent CapitaLand (C31.SG) off 0.6% at $3.16, and rival real-estate group City Developments (C09.SG) flat at $10.85. CapitaCommercial Trust (C61U.SG) meanwhile slips 1% to $1.485 after announcing that its 2Q DPU had risen just 0.5% on year.
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