Reuters: Hot Stocks: Singapore stock index down 2 pct on US data, Europe

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Singapore stock index down 2 pct on US data, Europe May 7th 2012, 05:04 SINGAPORE | Mon May 7, 2012 1:04am EDT SINGAPORE May 7 (Reuters) - Singapore's benchmark Straits Times Index fell 2 percent by midday on Monday to its lowest in about two months on concerns about the euro zone after the French and Greek elections and weaker-than-expected U.S. economic data. The STI earlier hit 2,929.62 points, its lowest since March 8. MSCI's broadest index of Asia-Pacific shares outside Japan shed 2.3 percent. In Singapore, property developer CapitaLand Ltd, container shipping firm Neptune Orient Lines and United Overseas Bank were some of the biggest decliners. "Worse-than-expected U.S. data was a factor. Secondly, we are not sure whether France and Germany can come to an agreement on what the next step would be," said Ng Kian Teck, lead analyst at SIAS Research. "In the local market, the more cyclical stocks like CapitaLand, NOL are more badly hit," he said, adding that he sees 2,900 points as the support for the STI this week. (Reporting by Eveline Danubrata)

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