Singapore share prices closed 0.42 percent lower on Monday on profit-taking after reaching an all-time high last week, dealers said. They said near-record high oil prices weighed on sentiment.
The Straits Times index fell 10.95 points to 2,592.50, down from the record high of 2,603.45 reached on Friday. Volume traded reached 1.46 billion shares worth 1.22 billion Singapore dollars (766 million US).
Losers beat gainers 419 to 200, with 560 stocks unchanged.
"Oil prices are high for the longest time, so it's probably a concern, because if the economy keeps having to face these kind of hurdles, sooner or later there'll be some impact," said a dealer with a local brokerage.
In afternoon Asian trade, New York's main contract, light sweet crude for June delivery, was at 74.54 dollars a barrel compared with its record close of 75.17 dollars in the United States Friday.
Dealers said the Singapore market is unlikely to sustain recent gains before the May 6 general election which investors consider to be a non-event. The People's Action Party has ruled since independence in 1965 and held 82 of the 84 elected seats in the recently dissolved parliament.
Weighing on the main index was Singapore Airlines, which fell 0.30 to 13.80. Among other blue chips, Singapore Telecommunications shed 0.01 to 2.72 and ST Engineering slipped 0.02 to 3.26, while Singapore Press Holdings gained 0.04 to 4.38.
Banking stocks were mostly lower. DBS was down 0.10 at 17.20, OCBC fell 0.05 to 6.70 and UOB flat at 16.20.
In the property sector, CapitaLand lost 0.10 to 5.00, City Developments was down 0.10 at 10.20 and Keppel Land remained steady at 4.88.
Technology stocks were mixed, with Chartered Semiconductor adding 0.07 to close at 1.73. Venture Corp added 0.10 at 12.60, while Creative Technology fell 0.10 to 10.0 and UTAC was flat at 1.01.
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