Singapore shares slump 4.15%
Posted: 30 March 2009 1745 hrs

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SINGAPORE - Singapore shares closed 4.15 per cent lower Monday as investors locked in profits from a recent rally, while more concerns about the US automobile industry weighed on sentiment, dealers said.

The blue-chip Straits Times Index (STI) closed 72.52 points lower at 1,673.14 on a volume of 1.06 billion shares worth S$882 million. Losers outnumbered gainers 367 to 120, with 782 issues unchanged.

Ailing US auto makers General Motors and Chrysler were told by a White House task force on Monday that they had failed to lay out viable plans for them to receive government aid, a move that could shake up the nation's car industry.

Publication of the report followed news that GM chief executive Rick Wagoner has resigned.

"People are saying the US is prepared to let the automakers collapse. In terms of unemployment, it will have a huge impact on markets," said an analyst at a local brokerage.

Banking shares performed poorly. United Overseas Bank slid 58 cents to S$9.60, DBS fell 35 cents to S$8.21 and Oversea-Chinese Banking Corp shed 17 cents to S$4.78.

Among property shares, City Developments fell 33 cents to S$4.98, CapitaLand retreated 18 cents to S$2.24 and Keppel Land closed 10 cents lower at S$1.41.

Singapore Airlines shed 18 cents to S$10 and Singapore Telecommunications fell 11 cents to S$2.51.

Marine engineering firm Sembcorp Marine eased 16 cents to S$1.75 and beverage maker Fraser and Neave closed down 14 cents at S$2.44.

- AFP/ir