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Singapore Finance

Sept 5, 2007
Singapore shares close 0.3% lower on sub-prime concerns
SINGAPORE: Singapore share prices closed 0.3 percent lower on Tuesday, as investors remained concerned over whether the US sub-prime mortgage market crisis will spread to Asia, dealers said.

They said investors also preferred to stay on the sidelines since US financial markets were closed on Monday for the long Labour Day weekend.

The Straits Times Index finished 10.16 points lower at 3,376.06. Volume totalled 1.73 billion shares worth S$1.51 billion (US$992,000).

There were 313 rising issues and 364 losers, while 935 issues were flat.

"It's difficult to tell whether we've seen the worst of the market correction," Phillip Securities research head, Chan Wai Chee, said.

Chan said the outlook for the market will depend largely on what the US Federal Reserve decides at its next policy meeting on September 18.

"Investors might want to consider high-yield defensive stocks or counters with promising industry outlooks, such as construction and oil and marine industry, in their portfolio," Westcomb Securities said. AFP Reports

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