Singapore shares lower

Singapore shares closed 0.38 percent lower Friday after the release of more gloomy economic data in the recession-hit economy, dealers said. The main Straits Times Index fell 7.13 points to 1,852.85. Volume totalled 1.44 billion shares worth 1.04 billion Singapore dollars (698 million US) and there were 229 rising issues, 193 losers while 824 issues were even.
Data released earlier Friday showed manufacturing output shrank almost 34 percent in March from a year ago, further signs that Singapore's export-led economy remained severely hit by the global downturn. Among the banking stocks, DBS rose one cent to 9.04 dollars, United Overseas Bank fell two cents to 11.18 and Oversea-Chinese Banking Corp dropped 13 cents to 5.43. Singapore Airlines sank 22 cents to 10.60 and Singapore Telecommunications was two cents higher at 2.49 dollars.