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 |
| Keppel REIT | K71U | 0.925 | -0.055 | -5.612 |
| Ascott REIT | A68U | 1.150 | -0.065 | -5.350 |
| Frasers Commercial Trust | ND8U | 1.200 | -0.065 | -5.138 |
| Suntec REIT | T82U | 1.485 | -0.075 | -4.808 |
| First REIT | AW9U | 1.190 | -0.060 | -4.800 |
| Lippo Malls | D5IU | 0.30 | -0.015 | -4.762 |
| 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.