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SINGAPORE: Wednesday marks a gloomy end to the year for the Singapore stock market. The benchmark Straits Times Index (STI) fell 49.2 per cent in what traders called "the worst year on record".
It has been a rocky year for trade in the Singapore market, with all major counters facing massive losses. It was also a year of caution for many investors as the global financial turmoil shook the market.
Taking a closer look at the performance of market heavy weights over the past year, the slowing economy and weakening trade continue to weigh on many sectors.
Share prices slumped across the board as companies project a shaky and uncertain outlook for 2009.
Banking counters continued on a downward trend with weak earnings outlooks - DBS' share price gave up 52 per cent for the year, UOB shed 35 per cent while OCBC dropped almost 40 per cent.
Property counters lost ground following a slowdown in the sector over the past few months. Property developer City Developments' share price tumbled 54 per cent, while CapitaLand fell 50 per cent.
Oil prices hit record highs of over US$147 per barrel in July this year, but closed the year at below S$40 a barrel.
Despite the spike in oil prices earlier this year, rig builders felt the heat from the global slowdown. Share prices of Keppel Corp and SembCorp Industries were respectively 65 per cent and 60 per cent lower.
For blue chips, Singapore Airlines' went south by 35 per cent, while SingTel registered a 36 per cent drop on-year. The share price of Singapore Exchange fell 62 per cent from a year ago.
- CNA/so
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