Singapore shares tumble

Singapore shares closed 1.98 percent lower on Monday, falling in line with a major regional sell-off after further heavy losses on Wall Street amid concerns about corporate earnings, particularly in the technology sector, dealers said. The Straits Times Index fell 42.56 points to finish at the day's low of 2,107.67 on volume of 854 million shares worth 888 million Singapore dollars (538 million US). Losers led gainers 444 to 71, with 582 stocks unchanged. Dealers said some believed the market had been due for a correction as Singapore had outperformed most regional equity markets in the past two months.
A dealer with a local brokerage said news of a 6.2 percent rise in key non-oil domestic exports in March due to a strong rebound in electronics shipments was not enough to lift the index.
"Although the economic data was in line with the forecast, the news wasn't enough to cap losses in the broader market," the dealer said.
Electronics contract manufacturer Venture Corp slipped 50 cents to 12.90 Singapore dollars on renewed earnings concerns after major global tech firms like IBM and Samsung reported weaker-than-expected net profits recently, dealers said.
Other technology stocks also tumbled, with investors fearing that an expected recovery in the sector may now take longer than previously expected, they said.
Creative Technology declined 30 cents to 16.00 dollars, STATS ChipPAC lost seven cents to 97 cents, UTAC was down two cents at 55 cents and Chartered Semiconductor weaker five cents to 92.5 cents.
A government decision to build two casino resorts in the city-state failed to perk up interest in casino-related stocks.
Keppel Land dropped six cents to 2.40, CapitaLand fell seven cents to 2.45 and Star Cruises was two US cents lower at 26 US cents. Keppel Land and CapitaLand have each teamed up with foreign partners in bidding for the casino projects.
Singapore Airlines lost 30 cents to 11.10.
Singapore Telecommunications lost four cents to 2.49, ST Engineering dropped two cents to 2.44 and Singapore Press Holdings weakening two cents to 4.46.
Among banking stocks, United Overseas Bank was down 20 cents at 14.50 and Oversea-Chinese Banking Corp and DBS both declined 30 cents to 13.40 and 14.40 respectively.