Singapore shares close 2.97 percent lower

Singapore shares skidded 2.97 percent on Thursday to close at their lowest level in almost two years with sentiment hit by growing concerns over slowing global growth, dealers said. The blue chip Straits Times Index tumbled 80.48 points to 2,626.05.
Volume totalled 1.22 billion shares worth 1.62 billion Singapore dollars (1.13 billion US) and there were 131 rising issues, 396 losers while 835 issues were even. It was the lowest close since October 20, 2006. "When the prospects of the economy are at stake, naturally cyclical stocks will tend to be the first in the selling wave," said a dealer. In the property sector, CapitaLand fell 11 cents to 4.17, City Developments tumbled 59 cents to 9.33 and Keppel Land was off two cents to 3.60.
Among blue chips, Keppel Corp fell 53 cents to 9.13, Singapore Airlines retreated 18 cents to 15.18 and Neptune Orient Lines surrendered eight cents to 2.12. Among banks, DBS sank 22 cents to 17.58, Oversea-Chinese Banking Corp dropped 18 cents to 7.88 while United Overseas Bank was down 50 cents to 18.50.