Singapore shares closed 3.1 percent lower on Thursday, pulled down by concerns over slowing growth and jitters about Lehman Brothers' financial troubles, dealers said. The blue chip Straits Timex Index fell 81.26 points to 2,541.15. Volume traded totalled 1.11 billion shares worth 1.52 billion Singapore dollars (1.07 billion US).
There were 116 rising issues, 458 losers and 768 issues were even. "In the past, the worry was of oil price-led inflation, which was actually good for some Singapore stocks like the rigbuilders," a foreign house strategist told Dow Jones Newswires. "But now the worry is about slowing growth, with any stocks seen as vulnerable to that being sold off."
Blue chips were among the biggest losers, with Singapore Airlines off 40 cents to 15.10, Singapore Telecommunications surrendering eight cents to 3.28 and Neptune Orient Lines falling 13 cents to 1.90. For property stocks, CapitaLand eased nine cents to 4.17, City Developments retreated 29 cents to 9.12 and Keppel Land was down 15 cents to 3.38. In the banking sector, DBS skidded 76 cents to 17.08, United Overseas Bank fell 78 cents to 18.42 and Oversea-Chinese Banking Corp sank 27 cents to 7.63.