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* K-REIT Asia falls after rights issue planBy Charmian KokSINGAPORE, Oct 18 (Reuters) - Singapore shares sank 1.8 percent on Tuesday, led by rig builders and commodity firms, as comments from Germany cautioning against hopes for a quick solution to Europe's debt problems tempered risk appetite.Oil rig makers Keppel Corp Ltd and Sembcorp Marine Ltd were amongst the hardest hit in the Straits Times Index (STI) , as investors took profit from cyclical stocks that were more volatile and as oil prices fell.At 0500 GMT, the STI was down 1.8 percent, or 49.07 points, at 2,729.90. Around 658.5 million shares worth S$523 million were traded, lower than 817 million shares worth S$575 million that changed hands by the same time on Monday.Germany's finance minister, Wolfgang Schaeuble, said on Monday that even though European governments would adopt a five-point platform to address the crisis, a definitive solution would not be reached at the Oct. 23 European Union summit."Over the last two weeks we saw a rally in global markets based on optimism that the Europe issue will be solved quickly," said Ng Kian Teck, lead analyst at SIAS Research."When Germany's official said it won't resolve so easily, markets took a hit, due to profit taking as it's a good opportunity now to reduce exposure to risky assets."He also added that he expects the STI, which is in overbought territory, could fall more before finding support at 2,700.Shares of Keppel, the world's largest rig maker, fell 4.9 percent to S$8.58 by midday, while its smaller rival Sembcorp Marine saw its shares plunge 5.9 percent to S$3.85."Oil and gas names are more cyclical, Keppel and Sembcorp Marine had one of the biggest run ups in the last few sessions. Naturally, they will be the first ones to take the hit when people take profits off the table," said Ng.K-REIT Asia dropped 8.7 percent to S$0.94 after the company said it plans to raise S$976.3 million ($771 million) through a 17-for-20 rights issue.Most of the funds raised will go towards funding the acquisition of a office property, Ocean Financial Centre, in the city-state from its parent Keppel Land Ltd .Centurion Corp Ltd , formerly known as SM Summit, fell 25.9 percent to S$0.215, on the first trading day since its suspension after the placement of new shares following a reverse take over.The company said on Monday it had sold 100 million shares at S$0.21 each in a compliance placement, following a reverse takeover of SM Summit.

* K-REIT Asia falls after rights issue planBy Charmian KokSINGAPORE, Oct 18 (Reuters) - Singapore shares sank 1.8 percent on Tuesday, led by rig builders and commodity firms, as comments from Germany cautioning against hopes for a quick solution to Europe's debt problems tempered risk appetite.Oil rig makers Keppel Corp Ltd and Sembcorp Marine Ltd were amongst the hardest hit in the Straits Times Index (STI) , as investors took profit from cyclical stocks that were more volatile and as oil prices fell.At 0500 GMT, the STI was down 1.8 percent, or 49.07 points, at 2,729.90. Around 658.5 million shares worth S$523 million were traded, lower than 817 million shares worth S$575 million that changed hands by the same time on Monday.Germany's finance minister, Wolfgang Schaeuble, said on Monday that even though European governments would adopt a five-point platform to address the crisis, a definitive solution would not be reached at the Oct. 23 European Union summit."Over the last two weeks we saw a rally in global markets based on optimism that the Europe issue will be solved quickly," said Ng Kian Teck, lead analyst at SIAS Research."When Germany's official said it won't resolve so easily, markets took a hit, due to profit taking as it's a good opportunity now to reduce exposure to risky assets."He also added that he expects the STI, which is in overbought territory, could fall more before finding support at 2,700.Shares of Keppel, the world's largest rig maker, fell 4.9 percent to S$8.58 by midday, while its smaller rival Sembcorp Marine saw its shares plunge 5.9 percent to S$3.85."Oil and gas names are more cyclical, Keppel and Sembcorp Marine had one of the biggest run ups in the last few sessions. Naturally, they will be the first ones to take the hit when people take profits off the table," said Ng.K-REIT Asia dropped 8.7 percent to S$0.94 after the company said it plans to raise S$976.3 million ($771 million) through a 17-for-20 rights issue.Most of the funds raised will go towards funding the acquisition of a office property, Ocean Financial Centre, in the city-state from its parent Keppel Land Ltd .Centurion Corp Ltd , formerly known as SM Summit, fell 25.9 percent to S$0.215, on the first trading day since its suspension after the placement of new shares following a reverse take over.The company said on Monday it had sold 100 million shares at S$0.21 each in a compliance placement, following a reverse takeover of SM Summit.

* K-REIT Asia falls after rights issue planBy Charmian KokSINGAPORE, Oct 18 (Reuters) - Singapore shares sank 1.8 percent on Tuesday, led by rig builders and commodity firms, as comments from Germany cautioning against hopes for a quick solution to Europe's debt problems tempered risk appetite.Oil rig makers Keppel Corp Ltd and Sembcorp Marine Ltd were amongst the hardest hit in the Straits Times Index (STI) , as investors took profit from cyclical stocks that were more volatile and as oil prices fell.At 0500 GMT, the STI was down 1.8 percent, or 49.07 points, at 2,729.90. Around 658.5 million shares worth S$523 million were traded, lower than 817 million shares worth S$575 million that changed hands by the same time on Monday.Germany's finance minister, Wolfgang Schaeuble, said on Monday that even though European governments would adopt a five-point platform to address the crisis, a definitive solution would not be reached at the Oct. 23 European Union summit."Over the last two weeks we saw a rally in global markets based on optimism that the Europe issue will be solved quickly," said Ng Kian Teck, lead analyst at SIAS Research."When Germany's official said it won't resolve so easily, markets took a hit, due to profit taking as it's a good opportunity now to reduce exposure to risky assets."He also added that he expects the STI, which is in overbought territory, could fall more before finding support at 2,700.Shares of Keppel, the world's largest rig maker, fell 4.9 percent to S$8.58 by midday, while its smaller rival Sembcorp Marine saw its shares plunge 5.9 percent to S$3.85."Oil and gas names are more cyclical, Keppel and Sembcorp Marine had one of the biggest run ups in the last few sessions. Naturally, they will be the first ones to take the hit when people take profits off the table," said Ng.K-REIT Asia dropped 8.7 percent to S$0.94 after the company said it plans to raise S$976.3 million ($771 million) through a 17-for-20 rights issue.Most of the funds raised will go towards funding the acquisition of a office property, Ocean Financial Centre, in the city-state from its parent Keppel Land Ltd .Centurion Corp Ltd , formerly known as SM Summit, fell 25.9 percent to S$0.215, on the first trading day since its suspension after the placement of new shares following a reverse take over.The company said on Monday it had sold 100 million shares at S$0.21 each in a compliance placement, following a reverse takeover of SM Summit.