State-owned Singapore firm loses value in investment amid downturn

Special Report:Global Financial Crisis

SINGAPORE, Feb. 4 (Chinese media) -- Singapore's Ministry of Finance said the

Government of Singapore Investment Corporation (GIC) have lost value in

investment amid global financial downturn, local media reported on Wednesday.

According to TV broadcaster Channelnewsasia's report, although the GIC

registered good performance over the long term, its investments have lost value

like other institutional investors in the backdrop of the crisis.

But the ministry said that GIC's loss is much less than the 42 percent

decline in global equity markets for 2008, adding that the damage was cushioned

by GIC's early decision to reduce its equity market exposures and its

diversified portfolio, the report said.

The ministry said the GIC will take a long-term approach to investment

management, which will enable it to ride through the current downturn.

Incorporated in 1981, The GIC is one of the two investment firms owned by

the Singapore government and currently invest in more than 40 markets worldwide

in a variety of investments and securities.