Source : AsiaOne News, Aug 16, 2007
SINGAPORE (AP) -- Singapore shares tumbled Thursday to their lowest level since March 20 as fears over U.S. subprime woes gripped the market.
Singapore's benchmark Straits Times Index fell 3.7 percent to close at a five-month low of 3,152.16. During the session it fell as much as 5.2 percent before paring losses.
Traders said weakness will likely continue into next week and the STI could possibly bottom out at 3,000 points.
Selling was across the board with 43 component stocks for the index ending lower; two were flat and four closed higher.
Cosco Corp. was among the biggest losers, falling 11.3 percent to S$4.10.
SGX fell 7.8 percent to S$8.25 after announcing it had liquidated its entire portfolio of S$139 million (US$90 million; €67 million) invested in hedge funds.
Property and banking shares also took a battering due to the spillover from the global credit crisis.
Allgreen Properties fell 6.6 percent to S$1.42, CapitaLand lost 4.3 percent to S$6.6, and DBS dropped 3.0 percent to S$19.60.
OCBC fell 4.2 percent lower to S$8, and UOB fell 4.8 percent to S$19.90.
Volume was 2.8 billion shares, higher than Wednesday's 2.4 billion. In the broader market, losers beat gainers 914 to 127.
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