Tuesday, May 15, 2012

Singapore shares end 0.7% lower

SINGAPORE - Singapore share prices ended 0.7% lower on Monday.

News that China had lowered its reserve ratio requirement -- or the amount of money that the country's banks must set aside --had helped Singapore shares open on a positive footing.

But local traders sold shares in the afternoon after European markets fell sharply amid uncertainty after Greece's latest attempt to form a coalition government failed, prompting fears that the country will exit the euro zone.

Singapore's blue-chip Straits Times Index (STI) dropped 19.28 points to end at 2,864.12.

In the broader market, losers outnumbered gainers 346 to 88.

Overall volume traded was 1.82 billion shares worth S$985.8 million.

Among the losers, Neptune Orient Lines fell 5.4% to end at S$1.045.

Wilmar International slid 2.9% to S$4.02 while Noble Group and Olam International lost 1.7% to S$1.14 and 1.9% to S$2.03, respectively. Golden Agri-Resources lost 0.7% to S$0.690.

Among the banks, DBS Group Holdings fell 1.4% to S$13.68, OCBC retreated 1.1% to S$8.84 and United Overseas Bank ended 1.1% lower at S$18.10.

View the original article here

Source Form Channel News Asia

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