Singapore shares closed 2.57 percent lower Thursday as traders took profit from a recent market rally, dealers said. The blue chip Straits Times Index (STI) tumbled 58.27 points to 2,210.97, snapping four straight days of gains. Volume was 2.56 billion shares worth 1.87 billion Singapore dollars (1.28 billion US). Losers led gainers 392 to 169, with 735 issues unchanged.
"Bouts of profit-taking along the way are healthy," said AmFraser Securities senior vice president of equity sales Gabriel Gan, who said the market was likely to resume its rise in the next few trading days. "Sentiment has been holding firm in the face of some not-so-good news and several index stocks have already hit year-to-date highs."
Banking shares closed lower. DBS fell 52 cents to 11.60, United Overseas Bank slipped 50 cents to 14.08 and Oversea-Chinese Banking Corp shed 22 cents to 7.10. Among property shares, CapitaLand eased 12 cents to 3.39, City Developments retreated 17 cents to 8.03 and Keppel Land closed seven cents down to 1.96. Singapore Airlines shed 24 cents to 12.00 and Singapore Telecommunications dipped 15 cents to 2.79. Utilities and marine group Sembcorp Industries fell 15 cents to 2.90 and property developer Yanlord Land eased eight cents to 1.78.