Singapore shares closed 0.95 percent lower on Monday in quiet trade ahead of key US economic data, dealers said. The blue chip Straits Times Index (STI) closed down 26.16 points at 2,713.79 on volume of 636 million shares worth 741 million dollars (520 million shares). Falling issues led gainers 307 to 167 with 903 unchanged.
Markets in the United States were closed on Monday for Labour Day but a series of data giving insight into the health of the struggling US economy was due later in the week. Forthcoming data include US July factory orders on Wednesday and non-farm payrolls for August on Friday.
"We're still heading downwards," said Phillip Securities analyst Phua Ming-Weii, who expects the STI's next major level of support at 2,600, the lowest major support level since June 2006. Singapore Airlines was four cents lower at 15.18 Singapore dollars, and Neptune Orient Lines dropped seven cents to 2.19.
Property counters continued lower, with CapitaLand down 12 cents to 4.26, City Developments down 30 cents at 10.10, and Keppel Land off 13 cents at 3.75. Bank stocks also fell. DBS was down 18 cents to 17.90, UOB dropped 24 cents to 18.76 and OCBC fell nine cents to 8.00.