Shares' market value fall $105b in Q1

THE past three months have seen $105 billion or 13.2 per cent wiped off the stock market value of Singapore-listed companies. Their combined market capitalisation dropped to $692.5 billion as at yesterday, down from $797.8 billion at end-December.

Chinese shipping and shipbuilding play Yangzijiang, Singapore Exchange (SGX), Cosco and China property group Yanlord led the losers among stocks in the benchmark FTSE Straits Times Index. Overall, just five of 30 stocks in the benchmark gained in market cap over the quarter.

SGX has lost almost half its market value, erasing much of its meteoric rise in 2007. At the turn of the year it was valued at $14.3 billion, but hit by the recent stock market slowdown, it has slumped since to about $8 billion.

United Overseas Bank edged above DBS to become Singapore's largest local bank, with a stock market value of $29.2 billion. DBS has lost 13 per cent of its market cap over the past three months, after it reported flat earnings last year and also made further investment writedowns. UOB lost just 3.8 per cent in stock market value and OCBC's market cap kept pace, falling 2.3 per cent.

Property firms Keppel Land, Hong Kong Land, GuocoLand and City Developments followed Yanlord in seeing their market cap fall more than a fifth in the year to date. CapitaLand bucked the trend among property plays, finishing the quarter with its value 1.7 per cent higher.

Last year's big gainer Wilmar lost 22.4 per cent of its market capitalisation, hit by news that China was imposing curbs on prices of basic foods. Wilmar is a major supplier of edible oil to China and controls the company's biggest brand.

SingTel retained its crown as Singapore's largest company, with its steady market capitalisation highlighting its strong defensive value.

Other popular defensive stocks like Starhub and SPH ended the quarter slightly higher as investors favoured companies with strong cash positions and low volatility.