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SINGAPORE : Singapore shares closed 1.75 per cent lower on Tuesday, with confidence rattled after Wall Street's plunge triggered fresh worries about a US credit crunch, dealers said.
The Straits Times Index ended 48.59 points lower at 2,728.39. Volume was 890.8 million shares. Losers led gainers 394 to 143.
Analysts said there may still be further room for a decline.
"If we say the STI is going to fall to its halfway point from the start of the bull run to its peak, that would be around 2,500 (points)," said AmFraser senior vice president for research Najeeb Jarhom.
DBS Vickers strategist Yeo Kee Yan tips the index to fall to 2,680 points before rebounding.
Offshore and marine firms were among the decliners. Keppel Corp fell eight cents to S$10.20 and Sembcorp Marine dropped nine cents to S$3.72. Shipping giant Neptune Orient Lines tumbled 12 cents to S$2.44.
Among the other blue-chips, Singapore Press Holdings dipped three cents to S$4.01 and Singapore Airlines lost 12 cents to S$15.28. Singapore Telecom bucked the trend to rise one cent to S$3.45.
As for banks, DBS Group retreated 48 cents to S$17.92, United Overseas Bank fell 28 cents to S$19.02 and Oversea-Chinese Banking Corp eased 16 cents to S$8.09.
Among property stocks, Keppel Land fell 13 cents to S$4.05, City Developments pulled back 30 cents to S$9.84 and CapitaLand declined 21 cents to S$4.50. - AFP/ms
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