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SINGAPORE: Singapore share prices closed 1.28 percent lower on Tuesday, tracking the movement of other regional markets as inflation concerns weighed on sentiment, dealers said.
The blue chip Straits Times Index fell 41.61 points to 3,199.88 on a volume of 1.94 billion shares worth S$2.11 billion (US$1.54 billion). Decliners led rising issues 385 to 268, with 935 stocks unchanged.
Inflation worries were fanned by runaway oil prices, which were above US$127 a barrel on Tuesday, just off their all-time high of US$127.82 struck on Friday.
Investors were also cautious ahead of the release of April's producer price index (PPI), a key economic indicator that the US Labor Department is scheduled to report later Tuesday.
"If PPI continues to climb, there may be upside risk to the consumer price index in the coming months," said CIMB-GK regional economist Song Seng Wun.
Spiralling inflation could curb consumer spending and further weaken the US economy, a key market for Asian exports.
Banking shares fell, with DBS Group sliding 48 cents to S$20.00, Oversea-Chinese Banking Group down seven cents at S$8.90 and United Overseas Bank falling 24 cents to S$20.04.
Property heavyweights also ended lower, with CapitaLand falling 14 cents to S$6.66, City Developments down 32 cents at S$11.68 and Keppel Land declining 14 cents to S$5.73.
Singapore Airlines lost 28 cents to S$16.02 and Singapore Telecommunications finished three cents lower at S$3.68. - AFP/al
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