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SINGAPORE share prices closed 3.05 per cent lower on Wednesday, in line with the steep sell-off on key regional bourses, dealers said.
They said falls followed Wall Street's plunge on Tuesday after weak retail sales data and a multi-billion-dollar loss by US banking giant Citigroup stoked fears the US economy may be heading into recession.
The Straits Times Index fell 96.09 points to 3,058.49. Shares have fallen 21.09 percent from their all-time peak of 3,875.77 reached on October 11.
Volume was 2.41 billion shares worth 2.81 billion Singapore dollars. Decliners led rising issues 757 to 173, with 816 stocks unchanged.
'It's just poor sentiment taking further knocks from the negative news flow,' said Song Seng Wun, research head at CIMB-GK Securities.
Banking shares declined, with DBS Group losing 62 cents to 18.20 dollars, United Overseas Bank down 48 cents at 17.08 dollars and Oversea-Chinese Banking Corp sliding seven cents to 7.61 dollars.
Among property stocks, City Developments slumped 44 cents to 11.20 dollars.
CapitaLand fell 19 cents to 5.43 dollars, Keppel Land dropped 37 cents to 6.09 dollars and Wing Tai closed 22 cents lower at 2.07 dollars.
Bourse operator Singapore Exchange (SGX) led blue chip decliners, losing 68 cents to 9.32 dollars.
Singapore Telecommunications declined 12 cents to 3.85 dollars, Neptune Orient Lines fell 17 cents to 2.91 dollars and Singapore Airlines finished 30 cents lower at 15.56 dollars. -- AFP
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