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SINGAPORE - Singapore shares closed 0.22 percent lower Monday on doubts over the sustainability of the US economic recovery, which sent Wall Street tumbling late last week, dealers said.
The blue-chip Straits Times Index eased 5.70 points to 2,645.43. Volume was 1.25 billion shares worth S$1.15 billion.
In the broader market, declining stocks outpaced gainers 305 to 157, with 798 issues unchanged.
While data released last Thursday showed the US has emerged from a prolonged recession, consumer spending, which accounts for two-thirds of the nation's economic activity, fell in September.
"Ending the recession is only half of the battle," Bank of America Merrill Lynch said in a report.
"We think the Fed wants to see the capital markets recovery broaden out and include bank lending and it wants to see clear signs of healing in the labour market."
Among banking stocks, DBS dipped two cents to S$13.04, United Overseas Bank rose 20 cents to S$17.28 and Oversea-Chinese Banking Corp was down three cents to S$7.63.
Singapore Telecommunications climbed two cents to S$2.96, Singapore Airlines fell 10 cents to S$13.50 and container shipping firm Neptune Orient Lines closed one cent lower at S$1.58. Property developer CapitaLand advanced nine cents to S$4.23.
- AFP/ir
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