Singapore shares closed 1.09 percent lower on Wednesday in thin volume, with hopes for generous handouts in the national budget helping to limit losses, dealers said. The blue chip Straits Times Index fell 18.85 points to 1,704.52 on volume of 830 million shares worth 848 million Singapore dollars (564 million US).
Bank shares were mixed, with United Overseas Bank gaining 24 cents to 11.84 and DBS shedding 11 cents to 8.55. Oversea-Chinese Banking Corp remained unchanged at 5.09. Property shares were also down. City Developments fell 25 cents to 5.50 and CapitaLand shed eight cents to 2.61.
Keppel Land eased one cent to 1.50. Singapore Telecommunications dropped two cents to 2.55, and Singapore Airlines closed 26 cents down at 11.10. Motor vehicle firm Jardine Cycle and Carriage was up 34 cents to 11.04, and shipping firm COSCO Corp eased a cent to 80.5 cents.