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SINGAPORE - Singapore shares closed 6.61 percent lower on Wednesday, in line with dramatic falls around the region on fears of a deeper credit crunch leading to severe recession, dealers said.
The blue-chip Straits Times Index finished down 143.94 points at 2,033.61 - its lowest level since December 2004.
"People are most worried by the threat of recession and the fact that banks are unwilling to lend to each other," one trader said.
Volume was 1.45 billion shares worth S$1.54 billion (US$1.05 billion), with 500 falling shares, 98 gainers and 706 unchanged.
Property stocks were among key blue-chip losers. CapitaLand dropped 13 cents to S$2.44, City Developments fell 78 cents to S$6.70 and Keppel Land was down 31 cents to S$1.94.
In the banking sector, DBS fell 78 cents to S$15.00, UOB ended down 58 cents at S$15.38, and OCBC fell 36 cents to S$6.25.
Singapore Telecommunications fell 22 cents to S$2.90 and Singapore Airlines was down S$1.00 at S$12.32.
A rare gainer was aviation maintenance provider ST Engineering, which rose four cents to S$2.67.
- AFP /ls
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