06 Dec '11, 10am

Singapore stocks lower on eurozone downgrade warning

Singapore stocks lower on eurozone downgrade warning

SINGAPORE: Singapore stocks drifted lower on Tuesday amid weakness in Asian markets after ratings agency Standard & Poor's warned of possible credit downgrades for 15 eurozone countries. The Straits Times Index closed 16.99 points lower, or 0.61 percent, at 2,749.24, adding to Monday's 0.3% decline. Volume remained weak at 914.7 million shares compared with 1.16 billion shares on Monday. Decliners outnumbered gainers 208 to 118. Dealers said the local market reacted in tandem with other Asian markets after S&P placed the 15 eurozone countries on a negative credit watch - a warning of a possible imminent cut in their sovereign credit ratings. The decision by S&P came as European leaders prepared for a two-day summit considered crucial for the future of the eurozone, whose debt crisis has sent global markets into turmoil. Property counters took a heavier beating. CapitaLand ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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