Singapore News

News from Singapore

Singapore markets closed 1.3% lower

Posted by jtsmyth8 on October 16, 2007

Singapore share prices closed 1.3 percent lower Tuesday on renewed concerns over US credit markets, dealers said.

They said record-high oil prices also aggravated investor nervousness.

The Straits Times Index (STI) fell 51.30 points to 3,810.72. It had earlier fallen below the key 3,800 points level before it recovered.

Volume was 3.35 billion shares worth S$3.37 billion (US$2.31 billion). Losers beat gainers 722 to 216, with 715 stocks unchanged.

US stocks declined overnight after the announcement of what was seen as a rescue package for financial institutions affected by the meltdown in the US sub-prime credit market.

Citigroup, JP Morgan and Bank of America announced the creation of a fund to help revive the asset-backed commercial paper market.

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