Singapore Shares Fall 3.3 percent, At Lowest Level Since April

Source : AsiaOne News, Aug 15 2007

SINGAPORE (AP) -- Singapore shares plunged 3.3 percent Wednesday as U.S. subprime and credit crunch woes weighed on the market.

Singapore's benchmark Straits Times Index fell 113.34 points to 3,273.25 points, driven down by selling across the board to its lowest level since April 19.

Traders said the index is likely to continue to fall in coming days.

"Due to the heightened nervousness surrounding world equities markets led by Wall Street, the bulls may continue to retreat for a while," said AmFraser Securities in a report. The report also said that odds of the index moving back to the 3,500-3,600 range by year's end "remain high."

DBS Group Holdings Ltd. fell 4.7 percent to close at S$20.20, Oversea-Chinese Banking Corp. was down 4.02 percent at S$8.35, and United Overseas Bank Ltd. lost 2.8 percent to S$20.90. All three were tracking a general slide in bank shares on global credit worries.

City Developments Ltd. fell 3.4 percent to end at S$14.10, and CapitaLand slid 4.8 percent to close at S$6.90.

Volumes remained thin at 2.4 billion shares traded, lower than Tuesday's 2.5 billion.

Losers eclipsed gainers 798 to 148, with banking and property stocks leading losses.