Singapore shares closed 3.25 percent lower on Monday in line with other regional stocks after falling US consumer confidence reignited concerns over the strength of an economic recovery. The blue chip Straits Times Index tumbled 85.53 points to 2,545.98 on volume of 2.34 billion shares worth 1.73 billion Singapore dollars (1.19 billion US).
Declining stocks outnumbered risers 520 to 105, with 657 issues unchanged. Investors ignored a milder-than-expected decline in exports for July and focused on news of a decline in the consumer sentiment index in the United States, major buyer of Singapore-made goods, analysts said.
"Stocks are getting whacked right now," said a trader with a local brokerage. "This could very well mark the start of a correction. We just have to watch how the market behaves in the next few days." Among the blue chips, Singapore Airlines fell 38 cents to 12.36 and Singapore Telecom was off 10 cents to 3.13.
Lender DBS was down 32 cents to 12.60, Oversea-Chinese Banking Corp lost 22 cents to 7.63 and United Overseas Bank retreated 40 cents to 16.32. Property developer CapitaLand dipped 14 cents to 3.56, shipping firm Neptune Orient Lines dropped eight cents to 1.63 and publisher Singapore Press Holdings dropped nine cents to 3.51.
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