Singapore shares fell for the fourth session in a row, led by palm oil firm Wilmar International Ltd, on concerns about China’s economic and financial stability as well as the U.S. Federal Reserve outlook.
The Straits Times Index was down 1.1 percent at 3,089.08 points. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 1.8 percent.
Wilmar shares dropped as much as 3.4 percent with 11.5 million shares traded, 1.3 times the average full-day volume over the past 30 days.
OCBC Investment Research downgraded Wilmar to “hold” from “buy” and cut its target price to S$3.25 from S$3.90, citing the expected increase in the volatility of the share price.
“Wilmar international Limited, with its large exposure to China via its oilseeds crushing and consumer pack businesses, is certainly feeling the impact from the recent sluggish economic data out of the mainland,” OCBC said.
Other leading decliners on the index on Monday were casino operator Genting Singapore PLC, CapitaMall Trust and commodities firm Noble Group Ltd, all falling around 2 percent.