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SINGAPORE : Singapore shares closed 3.24 percent lower on Wednesday after investors took profits and awaited fresh leads following two days of gains, dealers said.
Investors in Singapore went into sell mode after the market rallied in the past two sessions. Shares were taking their cue from the falls in some regional markets.
The key concerns are falling corporate earnings and global economies heading into recession.
David Roes, chief executive officer, Asean Investment Management, said: "So the concerns are primarily about confidence and liquidity in Asia. In general, I think Singapore included, you have some strong institutions and healthy balance sheets. There is some pain to be taken as a result of these confidence issues in markets overall but I do think that we will reach an end to it. There will be a positive return to sentiment."
The blue-chip Straits Times Index ended 68.92 points lower at 2,059.39.
Volume totalled 1.14 billion shares worth S$1.21 billion (US$824 million). Losers led gainers 394 to 137, while 785 issues were unchanged.
Singapore Airlines fell 2.4 per cent. The carrier announced after trading hours that it filled 67.4 per cent of the space available on its planes for passengers and cargo in September.
That's down from 70 per cent a year earlier.
Westcomb Securities said investors are increasingly worried about the impact of the global credit crunch and deteriorating economic conditions on company bottom lines during the corporate earnings season, which has just started.
Conglomerate Sembcorp Industries dropped 10 cents to S$2.60, while its counterpart Keppel Corp fell 37 cents to S$5.73.
Neptune Orient Lines was 11 cents lower at S$1.65 and agribusiness giant Wilmar International was off 28 cents at S$2.30.
Among the banks, DBS eased 70 cents to S$14.60, UOB dropped 42 cents to S$15.58 and OCBC finished 15 cents lower at S$6.50.
Cosco Corp dropped 21 per cent, while SembCorp Marine finished 13 per cent lower.
Olam International fell more than 11 per cent, and Noble Group eased 10 per cent.
Beverage maker Fraser and Neave bucked the trend, rising two cents to S$3.11.
- AFP /ls/vm
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