Singapore construction stocks lower on Indonesian sand exports

Singapore (Antara News) - Construction counters were lower after the government of Indonesia said, in effect, that it had banned the export of sand to protect the country's environment, dealers said.

Indonesia is Singapore's main source for sand for making concrete.

At 9.52 am, Hong Leong Asia Ltd was down 0.01 sgd or 0.51 pct at 1.96, Yongnam Holdings Ltd down 0.01 sgd or 4.08 pct at 0.235, Pan United Corp down 0.04 sgd or 4.26 pct at 0.90, CSC Holdings Ltd down 0.01 sgd or 3.51 pct at 0.275, Lian Beng Group Ltd down 0.01 sgd or 2.9 pct at 0.335, Koh Brothers Group Ltd down 0.03 sgd or 6.06 pct at 0.465 and Chip Eng Seng Corp down 0.005 sgd or 1.19 pct at 0.415, XFN Asia reported.

The government here said in a written statement: "Although Singapore is one of the largest importers of concreting sand from Indonesia, the Building and Construction Authority has assessed that the ban is unlikely to slow construction work in Singapore."

The authority has identified alternative sources of sand, but the statement failed to say what these sources are. (*)
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