City Developments

City Developments: -3.1% at S$11.00, the worst-performing STI component. It's been lagging the other names, analyst says, adding the decline may be due to concerns over the global hospitality sector after the segment weighed its earnings. Doesn't think the decline is related to the Singapore residential property sector data released Wednesday, calling it not positive, but resilient. In a note, Colliers International said the market took a breather in April from March's record high, with only 1,158 home units released during the month, down 66.8% on-month, while new home sales dropped 50.8% on-month to 1,375 units. Sales volume in April exceeded launched numbers, indicating that some homebuyers continue to lookout for good buys despite the lack of major new project launches, Colliers said. Another analyst says he doesn't believe hotel concerns are driving CityDev's decline as they are already known in the market; notes other property stocks are lower.