|
Singapore share prices closed 0.72 percent lower Friday as investors continued to worry amid signs the United States economy could go into recession, dealers said.
The Straits Times Index (STI) fell 23.73 points to 3,287.34 on volume of 1.99 billion shares worth 2.17 billion dollars (1.52 billion US).
Decliners led rising issues 633 to 226, with 847 stocks unchanged.
Media reports that Citigroup and Merrill Lynch may incur further massive losses related to the US subprime credit market crisis further dampened the market mood, pushing the index to close below the psychological support level
of 3,300.
"The subprime issue would still continue to cap any rebound upside for stocks ahead of the financial results reporting by key US financial companies", said Yeo Kee Yan, retail market strategist at DBS Vickers.
"The market is also concerned that there will be more CDO (collateralised debt obligations) asset writedowns, when Singapore banks report their fourth quarter results next month", said Yeo.
Comments from Fed Chairman Ben Bernanke Thursday that seemed to signal another US interest rate cut of as much as 50 basis points did little to cheer the market.
Banking shares declined, with DBS group losing 24 cents to 19.84 dollars.
Oversea-Chinese Banking Corp slipped seven cents to 8.03 dollars and United Overseas Bank dropped six cents to 18.74 dollars.
CapitaLand led property decliners, shedding seven cents to 6.00 dollars.
Keppel Land lost six cents to 6.86 dollars, while City Developments dropped six cents to 12.46 dollars.
Among other blue chips, Singapore Telecommunications closed eight cents higher at 3.94 dollars, Neptune Orient Lines fell 17 cents to 3.19 dollars and bourse operator Singapore Exchange (SGX) dropped 60 cents to 11.10 dollars.
Singapore Airlines slipped eight cents to 16.30 dollars.
| 
