SINGAPORE, March 13 (Reuters) - Singapore stock market was headed for a second consecutive session of losses, weighed down by poor performance of SIA Engineering Co Ltd and palm oil companies, lagging behind a rebound in the regional market.
The benchmark Straits Times index was down 0.33 percent at 3,088.3 as of 0446 GMT, while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9 percent.
SIA Engineering Co Ltd was among the worst performers of the index as the stock shed 2.3 percent to hit an intra-day low of S$4.76, putting it on track to its biggest daily decline in one month.
Brokerage Maybank Kim Eng said weaker performance of Hong Kong Aero Engine Services Ltd (HAESL), which is 10 percent owned by SIA Engineering, has put pressure on SIA Engineering.
The brokerage maintained its “buy” rating on SIA Engineering, but trimmed its target price to S$5.75 from S$5.88 and FY2015-17 earnings by 2 percent to 5 percent.
Commodity firms fared poorly. Golden Agri-Resources Ltd declined 1.6 percent to an intra-day low of S$0.60, while Wilmar International Ltd fell 3.5 percent to S$3.35, its lowest in nearly three weeks.
Malaysian palm oil futures stretched losses into a second day on Wednesday, falling to a one-week low as profit-taking continued to weigh.