Singapore share prices closed 0.30 percent lower on Tuesday, as investors remained concerned over whether the US subprime mortgage market crisis will spread to Asia, dealers said. They said investors also preferred to stay on the sidelines since US financial markets were closed Monday for the long Labour Day weekend.
The Straits Times Index finished 10.16 points lower at 3,376.06. Volume totalled 1.73 billion shares worth 1.51 billion Singapore dollars (992,000 US). There were 313 rising issues, and 364 losers while 935 issues were flat. "It's difficult to tell whether we've seen the worst of the market correction," Phillip Securities research head Chan Wai Chee said.
Among blue chips, Singapore Telecommunications added two cents to 3.60 dollars, Singapore Press Holdings advanced by the same amount to 4.38 dollars and Neptune Orient Lines gained eight cents to five dollars.
For the banks, DBS Group gained 20 cents to 19.90 dollars, United Overseas Bank lost 20 cents to 20.50 dollars and Oversea-Chinese Banking Corp retreated five cents to 8.45 dollars. In the property sector, City Developments fell 20 cents to 14.60 dollars, CapitaLand dropped 10 cents to 7.30 dollars and Keppel Land eased five cents to 7.65 dollars.
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