Singapore property shares tumble after cooling measures

Shares of major property developers in Singapore were battered Monday after the government introduced new measures at the weekend to cool the real estate market.

By the closing bell, shares of top developers listed on the Singapore Exchange had sunk more than four percent as investors spooked by the measures dumped the stocks.

CapitaLand closed 4.11 percent lower at Sg$3.73, City Developments fell 7.54 percent to Sg$11.65 and Keppel Land slumped 7.24 percent to Sg$3.97.

"We're seeing a knee-jerk reaction to the cooling measures," said Jason Hughes, head of premium client management for IG Markets Singapore.

The new measures, which came into force Saturday, included sharply higher duties on property purchases by foreigners.

Singaporeans' minimum cash downpayments for second or subsequent homes were raised from 10 to 25 percent of a property's value.

But Hughes predicted property stocks would be able to ride out the storm thanks to their overseas portfolios.

"We do have to consider that a number of these guys are regionally focused," he said, adding that the effect would have been more severe if they had been purely local developers.

HSBC Global Research said in a report that Singapore may institute more cooling measures because property demand is expected to remain robust.

"Low interest rates and an expected economic recovery this year will support demand. Further steps can, therefore, not be ruled out," the report said.

The measures were imposed after home prices continued to rise even as the city-state suffered an economic slowdown. It narrowly avoided a technical recession in the last quarter of 2012.

The economy grew just 1.2 percent in 2012, from 4.9 percent in 2011. Expansion this year is forecast at 1.0-3.0 percent.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Oil pares gains, Saudi Energy Minister talks down intervention
    Oil pares gains, Saudi Energy Minister talks down intervention Reuters - 19 minutes ago

    Oil prices rose on Thursday on speculation the dollar would drop on Friday's monetary policy speech by the U.S. Federal Reserve Chair, before paring gains on a Reuters interview with the Saudi Energy Minister that cast doubts about an OPEC output … More »

  • First driverless taxi hits the streets of Singapore Reuters - 29 minutes ago

    The first driverless taxi began work on Thursday in a limited public trial on the streets of Singapore.     Developer nuTonomy invited a select group of people to download their app and ride for free in its "robo-taxi" in a western Singapore … More »

  • Vivendi second-quarter core operating profit plummets on losses of Canal Plus French channels Reuters - 47 minutes ago

    PARIS (Reuters) - French media giant Vivendi reported a lower than-than-expected quarterly core operating profit on increased losses suffered by the French channels of its pay-TV Canal Plus. Earnings before ... … More »

  • Stocks waver between gains and losses in afternoon trading
    Stocks waver between gains and losses in afternoon trading Associated Press - 53 minutes ago

    Stocks are wavering between small gains and losses in afternoon trading Thursday as investors sift through a handful of earnings reports. Drug company Mylan rose, but Signet Jewelers and Dollar General ... … More »

  • Gold edges off 4-week low, awaits clues on Fed policy
    Gold edges off 4-week low, awaits clues on Fed policy Reuters - 57 minutes ago

    Gold edged off the previous day's four-week low on Thursday as the dollar retreated, but prices were rangebound ahead of a speech by Federal Reserve Chair Janet Yellen this week which will be watched for clues on monetary policy. Investors are … More »

  • Kerry outlines new Yemen peace push
    Kerry outlines new Yemen peace push AFP News - 57 minutes ago

    US Secretary of State John Kerry on Thursday announced a fresh international peace initiative for Yemen aimed at forming a unity government to resolve its 17-month-old conflict. "This war needs to end and it needs to end as quickly as possible," … More »

  • Biden warns Europe against Russian energy reliance
    Biden warns Europe against Russian energy reliance Associated Press - 1 hour 2 minutes ago

    U.S. Vice President Joe Biden says a new natural gas pipeline planned to stretch from Russia to Germany "looks like a fairly bad deal" for Europe because it increases its energy dependency on ... … More »

  • Dollar General, Dollar Tree report weak sales growth Associated Press - 1 hour 22 minutes ago

    Discount-store rivals Dollar General and Dollar Tree reported weaker-than-expected sales figures Thursday, as struggling lower-income shoppers spent less at their stores. Shares of both companies fell ... … More »

  • Wall Street flat as financials offset consumer declines; Fed eyed
    Wall Street flat as financials offset consumer declines; Fed eyed Reuters - 1 hour 25 minutes ago

    Wall Street was little changed on Thursday afternoon as a drop in consumer stocks was offset by gains in technology companies as well as financials after two more Federal Reserve officials said interest rates can be raised. … More »

  • Exclusive - Exchange Bats eyes new EU base outside London after Brexit
    Exclusive - Exchange Bats eyes new EU base outside London after Brexit Reuters - 1 hour 28 minutes ago

    Europe's biggest stock exchange Bats Europe could open a base outside London following Brexit, its head told Reuters, voicing doubts about whether the City of London would secure sufficient access to the European market. Bats Europe accounts for … More »

  • Pharma nerves hit stocks, dollar wobbles before Fed gathering
    Pharma nerves hit stocks, dollar wobbles before Fed gathering Reuters - 1 hour 37 minutes ago

    European stocks saw their biggest fall in three weeks on Thursday and currency markets were noticeably subdued as investors took to sidelines ahead of one of the big global central banker gatherings of the year. Japanese and Chinese stocks had … More »

  • European, US equities dip awaiting Fed
    European, US equities dip awaiting Fed AFP News - 1 hour 57 minutes ago

    European stocks slid Thursday in choppy trade as investors eyed poor German data and recent oil price falls, on the eve of a speech by Federal Reserve boss Janet Yellen. Mid-afternoon, Frankfurt had shed 0.9 percent, London lost 0.3 percent and … More »

  • TABLE-INDONESIA KPB NUSANTARA PALM OIL PRICES - Aug 25 Reuters - 2 hours 6 minutes ago

    Aug 25 (Reuters) - Following are Indonesian prices for crude palm oil (CPO) quoted at an auction by PT KPB Nusantara (formerly known as the state marketing centre) on Monday. Buyer Volume Price Terms (tonnes) ... … More »

  • RUBBER-Tokyo futures prices after evening session Aug 25 Reuters - 2 hours 6 minutes ago

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Aug 2016. Contract Day Volume Evening Volume * Aug 161.3 5 155.0 5 * Sep 156.2 45 156.5 12 * Oct 155.3 ... … More »

  • Japan's ANA finds problem with Boeing 787 Rolls-Royce engines, cancels some flights Reuters - 2 hours 13 minutes ago

    TOKYO/LONDON (Reuters) - Japanese carrier ANA Holdings needs to replace damaged compressor blades in the Rolls-Royce engines powering its Boeing 787s, it said on Thursday, forcing it to cancel some Dreamliner flights over the coming weeks. The … More »

  • German prosecutors review stolen Bosch data for VW dieselgate clues Reuters - 2 hours 17 minutes ago

    Prosectors in Stuttgart, Germany are examining a trove of stolen Bosch data to see whether it contains clues about how Volkswagen cheated diesel emissions tests. "We are reviewing it to see if it is relevant," a spokesman for the Stuttgart … More »

  • Turkey sends more tanks to Syria, warns Kurdish militia
    Turkey sends more tanks to Syria, warns Kurdish militia AFP News - 2 hours 21 minutes ago

    Turkey sent more tanks into Syria on Thursday and sternly warned a Kurdish militia to withdraw from frontline positions, a day after pro-Ankara Syrian opposition fighters captured a key border town from jihadists. The tanks joined those which … More »

  • In euro zone first, Finland could sell syndicated bond with negative yield Reuters - 2 hours 22 minutes ago

    Finland could launch a new bond as early as next week, three banking sources said on Thursday, a deal that could mark the first euro zone sovereign syndication with a negative yield. The country is believed to be considering whether to issue a … More »

  • Markets Right Now: Stocks waver in late morning trade Associated Press - 2 hours 23 minutes ago

    The latest on developments in global financial markets (all times local): 11:45 a.m. U.S. stock indexes are wavering between small gains and losses as a late summer lull on Wall Street continues. Several ... … More »

  • Asia’s Biggest Container Shipper Posts Loss After China Merger Bloomberg - 2 hours 24 minutes ago

    China last year merged China Ocean Shipping Group and China Shipping Group to form China Cosco Shipping Corp. as part of the government’s efforts to shrink industries plagued by overcapacity while creating globally competitive businesses. China … More »

  • Russia to work with US on response to Syria gas attacks probe
    Russia to work with US on response to Syria gas attacks probe AFP News - 2 hours 38 minutes ago

    Russia will work with the United States on a response after UN investigators found that the Syrian regime had carried out chemical attacks, Moscow's UN Ambassador Vitaly Churkin said Thursday. An investigative panel set up by the UN Security … More »

  • Hedge Funds Are Suddenly Winning on China’s Most Dangerous Short Bloomberg - 2 hours 39 minutes ago

    After suffering through a 953 percent rally in shares of Yirendai Ltd. since mid-February, hedge funds and other bearish speculators were rewarded over the past four days as the Chinese peer-to-peer lender sank 35 percent in U.S. trading. Holding … More »

  • FTSE retreats as pharma stocks fall
    FTSE retreats as pharma stocks fall Reuters - 2 hours 39 minutes ago

    UK shares fell on Thursday, extending losses from the previous session as healthcare stocks dropped, though CRH rose after well-received results. The blue-chip FTSE 100 index was down 0.3 percent at 6,816.90 points by the close. Healthcare stocks … More »

  • Average US 30-year mortgage rate unchanged at 3.43 percent Associated Press - 3 hours ago

    Long-term U.S. mortgage rates didn't budge this week, remaining at historically low levels that continue to lure prospective home buyers. Mortgage giant Freddie Mac said Thursday that the average for the ... … More »

  • Obama administration pushing state-run retirement plans Associated Press - 3 hours ago

    The Obama administration has finalized a new rule intended to encourage states to set up their own retirement plans. The Department of Labor rule is designed to clarify how voluntary, state-run retirement ... … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.128-0.001-0.78%
    N21.SI
    0.355-0.010-2.74%
    E5H.SI
    0.59-0.01-1.67%
    5TP.SI
    1.00+0.01+1.01%
    Y92.SI
    0.785-0.010-1.26%
    BS6.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.45+0.09+26.76%
    AYB.SI
    0.465+0.080+20.78%
    E8Z.SI
    0.16+0.02+14.29%
    UV1.SI
    0.20+0.02+11.11%
    BGO.SI
    0.188+0.018+10.59%
    AWS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.35-0.10-22.22%
    BFK.SI
    0.185-0.040-17.78%
    Y35.SI
    0.40-0.06-13.04%
    BBW.SI
    0.20-0.03-13.04%
    AWI.SI
    0.194-0.026-11.82%
    BLZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3536-0.0001-0.01%
    USDSGD=X
    1.5267+0.0018+0.12%
    EURSGD=X
    1.7833-0.0073-0.41%
    GBPSGD=X
    74.2640+0.121+0.16%
    SGDJPY=X
    5.7274+0.0038+0.07%
    SGDHKD=X
    2.9633-0.0136-0.46%
    SGDMYR=X
    9,816.3359+33.0947+0.34%
    SGDIDR=X
    4.9164+0.0031+0.06%
    SGDCNY=X
    1.0308+0.0001+0.01%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,325.80-3.90-0.29%
    GCZ16.CMX
    18.51-0.05-0.25%
    SIU16.CMX
    96.00+0.65+0.69%
    ^XAU
    2.080.00+0.05%
    HGU16.CMX
    47.01+0.24+0.51%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.16+0.01
    ^FVX
    1.58+0.02
    ^TNX
    2.27+0.02
    ^TYX