Singapore REITs plunge by as much as 6.6% at the close of the trading day on 24 August in line with a rout on stock markets across the Asia-Pacific region.
Singapore’s Straits Times Index fell by more 4.3%, or 127.6 points, to end at 2,843.
Leading the pack of losers was office and retail REIT Starhill Global REIT (SGX:P40U) which has a portfolio of 13 properties across Asia including Malaysia, Japan and China. The counter closed the trading day at SGD0.705. Following close behind is office REIT Keppel REIT (SGX:K71U) which slid 5.612% to end at SGD0.925. The REIT has a stable of nine office properties across Singapore and Australia.
The ten Singapore REITs with biggest losses is compiled as follows:
|REIT||Symbol||Last (SGD)||Fall (SGD)||% Fall|
|Starhill Global REIT||P40U||0.705||-0.05||-6.623|
|Frasers Commercial Trust||ND8U||1.200||-0.065||-5.138|
|CapitaLand Retail China||AU8U||1.32||-0.065||-4.693|
|Fortune REIT||F25U||7.30 (HKD)||-0.35 (HKD)||-4.575|
Bucking the trend for the day is Singapore-listed India-focused property trust Indiabulls Trust which gained 17% after Credit rating agency Standard & Poor's issued a stable outlook to the counter. The trust ended at closed at SGD0.22 on the Singapore Exchange.
Downward pressure on Singapore-listed REITs are expected to continue in the wake of China's sudden move to devalue its currency and general weakness across the Asia-Pacific region.