Singapore share prices closed 3.13 percent lower on Monday, reflecting similar steep losses across regional equities markets as the heavy sell-off continued into a second week, dealers said. They added share prices are expected to remain depressed due to mounting uncertainty in global equities markets.
The benchmark Straits Times Index tumbled 96.45 points to 2,982.29. Volume traded was 2.68 billion shares valued at 3.07 billion Singapore dollars (2.01 billion US). Losers hammered gainers 826 to 115, with 977 shares unchanged.
The index has plunged near 10 percent from its all-time closing high of 3,310.44 on February 23. "Looking at the way the market is acting, the correction will take some time to take its course," said Peter Chiang, chief equity strategist at DBS Asset Management.
"I think investors have to wait for the market to stabilise first before making serious investments because a correction takes some time to digest." Chiang recommends that investors focus on blue chip stocks with strong fundamentals, which have been "unfairly sold off in the current correction."
Banking stocks suffered heavy losses, with DBS Group Holdings dropping 0.80 to 20.10, United Overseas Bank shedding 0.50 to 20.00, and Oversea-Chinese Banking Corp losing 0.35 to 8.35.
Property heavyweights were also hit hard, with Keppel Land down 0.50 at 8.00, City Developments off 0.40 at 12.90, and CapitaLand easing 0.20 at 6.65. Among blue chips, ST Engineering slipped 0.08 to 3.18, Singapore Airlines fell 0.50 to 15.50, and Singapore Press Holdings retreated 0.18 to 4.20. Singapore Telecommunications, however, bucked the broader market trend, adding 0.06 to 3.14. Technology stocks were mostly weaker, with Creative Technology down 0.55 at 9.30 and STATS ChipPAC down 0.01 at 1.81.
Chartered Semiconductor dipped 0.08 to 1.47 ahead of the company's first-quarter performance update Tuesday. Genting International slipped 0.025 to 0.805 and Thai Beverage dropped 0.005 to 0.270.
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