Singapore shares inch down; ComfortDelGro leads losses
SINGAPORE May 21 (Reuters) - Singapore stocks fell on Wednesday, with the index weighed down by heavy losses in shares of transport company ComfortDelgro Ltd, as the broader Asian market stalled on Wall Street gloom.
The benchmark Straits Times Index was down 0.3 percent at 3,256.64 by 0446 GMT, while MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.2 percent.
Shares of ComfortDelGro retreated from 7-year highs reached on Tuesday, dropping 3.9 percent to S$2.29 and pulling down an already subdued market. The stock surged 3.9 percent on Tuesday on talk of a rail financing review to be discussed in the Singapore parliament.
Rival transport operator SMRT Ltd dropped 3.7 percent to an intra-day low of S$1.42, after soaring as much as 12.4 percent on Tuesday.
Among other stocks, Sembcorp Marine Ltd rose 1 percent to S$3.99, after the offshore drilling rig builder secured a $236 million contract to build a jack-up rig for Hercules North Sea Ltd.
OCBC maintained its 'buy' rating on the stock, with a target price of S$4.90. (Reporting by Andrew Toh; Editing by Anupama Dwivedi)
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