Singapore shares closed down 1.00 percent on Tuesday but the market was showing a measure of resilience despite the fall, dealers said. The blue chip Straits Times Index slipped 16.25 points to 1,614.44 on volume of 1.00 billion shares worth 681 million Singapore dollars (445 million US). Losers beat gainers 281 to 105, with 860 issues unchanged.
"The market is showing some resilience. Some of the index stocks are not falling as much as... might have been expected," said Gabriel Gan, senior vice president of equity sales for AmFraser Securities. A trader at a local brokerage said the United States market looked ripe for technical rebound, and Singapore should follow the cue.
Banking shares closed lower. Oversea-Chinese Banking Corp eased six cents to 4.78, United Overseas Bank fell 12 cents to 10.20 and DBS was down 15 cents at 7.90. Among property firms, City Developments shed 12 cents to 4.97, CapitaLand edged down two cents to 2.11 and Keppel Land eased three cents to 1.31.
Singapore Tele-communications closed two cents higher at 2.53 and Singapore Airlines gained four cents to 10.24. Beverage maker Fraser and Neave fell 15 cents to 2.34 and motor vehicle firm Jardine Cycle and Carriage slipped 18 cents to 9.12. - Dow Jones Newswires contributed to this story.
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