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S'pore stock market drops to lowest level in 14 months

Singapore stocks fell to their lowest levels since November 2012 on Monday, with sentiment hurt by weaker regional markets and disappointing manufacturing data out of China.

SINGAPORE: Singapore stocks fell for a third straight session on Monday to close at their lowest levels in 14 months. 

Dealers said investors sold off shares following weakness in the US and other regional markets.

Sentiment was also hurt by anxieties over emerging markets and disappointing manufacturing data from China.

The Straits Times Index (STI) fell 36.27 points, or 1.2 per cent, to end at 2,990.95 -- its first time below the 3,000-point support level since November 2012.

Analysts said the local bourse bore the brunt of selling on Monday as most North Asian markets were still closed for the Lunar New Year holidays.

They said the STI could fall as low as 2,900 in coming sessions as the strain in emerging markets continued unabated.

Volume was thin at 1.52 billion shares valued at S$948 million.

Declining issues outnumbered advancers by 274 to 138.

SingTel lost 4 cents to S$3.49, Keppel Corp shed 10 cents to S$10.30, while Bukit Sembawang fell 23 cents to S$5.43.

Banks finished mixed, with DBS rising 7 cents to S$16.54, OCBC Bank dropping 13 cents to S$9.17, and UOB easing 22 cents to S$19.78. 

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