Sabana Shariah Compliant REIT <SABA.SI>, which owns industrial properties, fell as much as 3.4% on Monday, its second day of trading, hurt by interest in other newly listed companies and weaker market sentiment.

At 10:43 a.m., units in Sabana were down 2.5% at $0.995, with over 22.8 million shares changing hands.

“Besides being affected by overall weaker market sentiment, investor interest also switched to another bigger IPO,” said a local trader.

“Petronas Chemical made its market debut on the same day as Sabana, and caused some funds to be diverted away from Sabana,” a local trader said.