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SINGAPORE: Singapore shares closed 7.34 per cent lower on Friday, joining a downward spiral on global bourses over fears authorities are unable to contain a world financial crisis, dealers said.
The blue-chip Straits Times Index ended down 154.38 points at 1,948.33 - its lowest close since September 2004.
Volume was 1.59 billion shares valued at S$1.47 billion. There were only 87 rising stocks, compared with 534 decliners and 678 issues that were unchanged.
"I think nobody is in their right mind enough to look at what's going on clearly. It's just a mood of pure fear right now," a trader with a local brokerage told Dow Jones Newswires.
A dealer with a local house said investors who bought into the market during a mild rebound the previous day "have been shot to pieces (on Friday) so confidence has gone."
Banking stocks plunged, with DBS falling S$1.34 to S$14.00, United Overseas Bank down S$1.14 to S$14.80 and Oversea-Chinese Banking Corp easing 40 cents to S$6.16.
In the property counter, CapitaLand was even at S$2.51, Keppel Land down 31 cents to S$1.80 and City Developments lost 72 cents to S$6.48.
Blue chip Singapore Telecom tumbled 17 cents to S$2.77, Singapore Press Holdings dropped 33 cents to S$3.50, oil rig-maker Keppel Corp declined 66 cents to S$5.42, shipping firm Neptune Orient Lines down 22 cents to S$1.56 and Singapore Airlines closed 84 cents lower at S$12.00.
- AFP/yt
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