Singapore shares closed down 0.75 percent on Thursday on losses in key blue chips, dealers said. The main Straits Times Index (STI) fell 14.24 points to 1,891.75 on volume of 3.79 billion shares worth 1.85 billion Singapore dollars (1.23 billion US). Losers outnumbered gainers 314 to 298, with 585 issues unchanged. Despite the market's slide, traders remained confident that the economic situation was looking up, dealers said.
"Everybody is saying there's a clearer light at the end of the tunnel. The first-quarter earnings numbers so far from the US are looking better," said a dealer at a foreign brokerage. Banking shares were higher, with DBS gaining 12 cents to 9.27, Oversea-Chinese Banking Corp edging up seven cents to 5.85 and United Overseas Bank closing two cents up at 11.06.
Among property shares, CapitaLand shed 14 cents to 2.86 while City Developments rose nine cents to 6.36 and Keppel Land was up four cents to 1.79. Singapore Airlines remained unchanged at 10.88 and Singapore Telecommunications eased six cents to 2.58. Shipping firm Neptune Orient Lines fell nine cents to 1.42 while motor vehicle firm Jardine Cycle and Carriage gained 12 cents to 14.26.