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SINGAPORE : Singapore share prices closed 0.57 per cent weaker on Friday with investors still worried about the troubled US housing sector, dealers said.
The Straits Times Index finished 16.37 points lower at 2,847.73. Volume was 1.05 billion shares. Losers led gainers 389 to 161.
Market sentiment was also hit by the poorer-than-expected earnings results by Merrill Lynch and other key US firms, giving rise to concern about the financial performance of other leading American companies, said dealers.
"There are simply no positives right now," said an analyst with a local bank.
Analysts from Westcomb were also pessimistic in their short-term outlook. "The ride forward is not without pitfalls," said Westcomb. "The US housing problem is not yet over. It could still post some short-term shock to the market."
Commodity-linked stocks were among the big losers after crude oil prices fell sharply in recent days during US trading hours.
Among commodity stocks, Noble Group plunged 14 cents to S$2.03, agribusiness giant Wilmar International fell 21 cents to S$4.10 and Olam International dropped eight cents to S$2.09.
Local banks were mixed. Oversea-Chinese Banking Corp rose 10 cents to S$8.14, DBS gained four cents to S$18.66, while United Overseas Bank lost eight cents to S$18.66. - AFP/ms
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