Singapore share prices closed 1.03 percent lower on Monday, dragged down partly by losses in property stocks, dealers said. Investor interest was also subdued ahead of a key Federal Reserve policy meeting on Tuesday to decide the direction of interest rates in the world's biggest economy, they said.
The blue chip Straits Times Index was down 29.99 points at 2,876.08. Volume traded totalled 975 million shares worth 1.03 billion Singapore dollars (757 million US) and there were 151 rising issues, 372 losers while 854 issues were even.
Dealers said strong second quarter results by Singapore banks, which are due to release figures this week, may provide a boost to market sentiment. "Good results from the banks will help turn the index around, and depending on what the US Federal Reserve says later this week, things could get better," a trader said.
Singapore's DBS bank lost 10 cents to 19.04 dollars, United Overseas Bank eased six cents to 19.30 and Oversea-Chinese Banking Corp was off six cents to 8.30. Among property stocks, CapitaLand dropped 12 cents to 5.35, Keppel Land fell 10 cents to 4.62 and City Developments sank 34 cents to 10.80.