Singapore Property Stocks Fall on Fed's Move

Dow Jones2022-11-03

By Justina Lee

Singapore property-related stocks fell early Thursday following the U.S. Federal Reserve's fourth consecutive 0.75-point rate rise.

Mapletree Pan Asia Commercial Trust fell 4.9%, Mapletree Logistics Trust declined 4.5%, CapitaLand Integrated Commercial Trust was off 3.1%, CapitaLand Ascendas REIT fell 4.5% and Keppel DC REIT slipped 1.1%.

Among property developers, Hongkong Land Holdings Ltd. fell 3.6%, UOL Group Ltd. declined 2.1% and City Developments Ltd. was 1.2% lower.

The property-related stocks were leading the declines in the FTSE Straits Times Index, which was last down 1.4% at 3096.02.

The Fed's decision has weighed on market sentiment as it reflects that interest rates may need to be higher for longer to curb inflation, IG's market strategist Yeap Jun Rong said.

The recent U.S. stock market performance has also added to the jitters, as economic conditions aren't moderating as quickly as expected, he said.

"With that, [Singapore] property stocks, which could be more susceptible to higher debt costs, are seeing some shunning," Mr. Yeap said.

"[Singapore] REITs are also coming under some weakness, considering that their dividend-paying nature and a higher terminal rate could increase the pressure for them to deliver more yields," he added.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

November 02, 2022 23:14 ET (03:14 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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