S'pore shares close 3.44% down

Updated: S'pore shares close 3.44% down


SINGAPORE - Singapore shares closed 3.44 per cent down on Thursday with sentiment hit by economic worries, dealers said.


The main Straits Times Index fell 60.66 points to 1,704.06. Volume totalled 1.07 billion shares worth $1.04 billion (US$702 million) and there were 105 winning issues, 357 losers and 793 issues steady.

'The market is now looking a bit oversold... I'm becoming more pessimistic,' AmFraser SVP equity sales Gabriel Gan told Dow Jones Newswires.

Stock markets in Asia were mostly in the red as investors headed for the exit after a string of poor corporate and economic news, analysts said.

Among local stocks, Singapore Telecommunications fell nine cents to $2.43, Singapore Airlines dropped 40 cents to $11.02 and Keppel Corp was off 20 cents to $4.25.

For the banks, DBS eased 22 cents to $8.20, United Overseas Bank surrendered 44 cents to $11.76 and Oversea-Chinese Banking Corp dropped nine cents to $4.92. -- AFP


Source: BT