Singapore share prices closed 0.72 percent lower on Tuesday on worries the US Federal Reserve will raise interest rates to curb inflation, dealers said. The Straits Times Index fell 17.24 points at 2,390.01 on volume of 853.84 million shares worth 995.94 million Singapore dollars (634.36 million US).
Losers beat gainers 396 to 139 with 689 shares unchanged. "It is a confluence of bad factors - the Wall Street slide, the fall in the Japanese market, political turbulence in Taiwan," said a dealer with a local brokerage.
"Things are still volatile out there and need to be ironed out before investors regain confidence in coming back again," he said.
Wall Street slumped overnight, with the Dow losing nearly 200 points, as new interest rate jitters exacerbated the impact of a spike in oil prices caused by tensions with Iran and its nuclear ambitions.
Taiwan has also come under pressure where President Chen Shui-bian, under pressure from stock trading scandals involving his family and senior aides, faces the prospect of mounting calls that he step down to make amends.
Technology stocks bore the brunt of losses as Venture Corp fell 50 cents to 10.80, Chartered Semiconductor lost six cents to 1.46 and Creative Technology dropped five cents to 8.85.
Among blue chips, Singapore Airlines was down 10 cents at 12.40, Singapore Press Holdings slipped two cents to 4.06, Singapore Telecommunications was flat at 2.46 and ST Engineering gained one cent to 2.85.
Property stocks were lower led by Keppel Land which eased 10 cents to 4.18, City Developments lost five cents to 9.35 and CapitaLand was off six cents at 4.08.
Banks closed flat to higher with United Overseas Bank even at 15.10, DBS gained 10 cents to 17.70 and Oversea-Chinese Banking Corp up 10 cents to 6.50.
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