STOCKS NEWS SINGAPORE-Index down for third day; property stays weak

News: STOCKS NEWS SINGAPORE-Index down for third day; property stays weak: Singapore shares...

Singapore shares fell for the third day as property stocks remained weak after the government launched sweeping measures to cool the city-state's housing market. The Straits Times Index was down 0.7 percent at 3,183.99, while broadest index of Asia-Pacific shares outside Japan lost 0.4 percent. Shares of property developers extended their decline from the previous day. City Developments Ltd fell more than 3 percent, while CapitaLand Ltd and Keppel Land Ltd eased over 1 percent each. "While the timing of the new measures was expected, the measures surprised by being more severe than our expectations," Citigroup said in a report. It expects private residential prices to fall by 5 percent in 2013, versus its previous estimate of a 2 percent rise. CIMB Research said the latest property cooling measures would result in lower loan growth for Singapore banks. But given the deferr...

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