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SINGAPORE : Singapore share prices plunged 2.29 percent on Tuesday in line with big falls in Hong Kong and China markets.
Dealers said the market posted its biggest one-day decline since May last year as investors took profits after a record-breaking run.
The ST Index fell 75.90 points to 3,232.02.
There were 154 advances against 712 declining issues on a volume of 3.2 billion shares.
With valuations looking stretched, "the correction, I would say, is healthy," a dealer at a local brokerage said.
He said further losses were possible in the absence of fresh impetus for a rise as the corporate earnings season finishes this week.
Banks were hardest hit, with DBS Group Holdings down 50 cents at S$22.50, United Overseas Bank down 50 cents at S$21.00, and Oversea-Chinese Banking Corp falling 25 cents at S$8.70.
Among blue chips, Singapore Telecommunications fell 6 cents to S$3.30, Singapore Airlines was off 40 cents at S$16.10, and ST Engineering shed 4 cents to S$3.38.
Property heavyweights were also lower, with City Developments dropping 30 cents to S$14.30, Keppel Land down 30 cents at S$8.90, and CapitaLand losing 40 cents to S$7.50.
Technology stocks fell, with Chartered Semiconductor down 3 cents at S$1.58, United Test and Assembly Center down 3 cents at S$0.89, and STATS ChipPAC off 2 cents at S$1.55.
Shipping giant Neptune Orient Lines fell 14 cents to S$3.10.
The company said after the market closed that its 2006 net profit fell an annual 55 percent due to lower freight rates and higher fuel costs on flat revenues.
Genting International was down one cent to S$0.82 and Thai Beverage dipped S$0.005 to S$0.27. - AFP/ch
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