Singapore share prices plunged 2.29 percent on Tuesday in line with big falls in Hong Kong and China markets, dealers said. They said the market posted its biggest one-day decline since May as investors took profits after a record-breaking run.
The Straits Times Index fell 75.90 points to 3,232.02 on volume of 3.20 billion shares valued at 2.40 billion Singapore dollars (1.58 billion US). Losers beat gainers 712 to 154, with 516 stocks unchanged. Banks were hardest hit, with DBS Group Holdings down 0.50 at 22.50, United Overseas Bank down 0.50 at 21.00, and Oversea-Chinese Banking Corp falling 0.25 at 8.70.
Among blue chips, Singapore Telecommunications fell 0.06 to 3.30, Singapore Airlines was off 0.40 at 16.10, and ST Engineering shed 0.04 to 3.38. Property heavyweights were also lower, with City Developments dropping 0.03 to 14.30, Keppel Land down 0.30 at 8.90, and CapitaLand losing 0.40 to 7.50.
Technology stocks fell, with Chartered Semiconductor down 0.03 at 1.58, United Test and Assembly Center down 0.03 at 0.89, and STATS ChipPAC off 0.02 at 1.55. Shipping giant Neptune Orient Lines fell 0.14 to 3.10. The company said after the market closed that its 2006 net profit fell an annual 55 percent due to lower freight rates and higher fuel costs on flat revenues.
Genting International was down 0.01 to 0.82 and Thai Beverage dipped 0.005 to 0.27 Bucking the overall weakness, Venture Corp climbed 0.90 to 14.20 after posting forecast-beating results for 2006.