09 Feb '11, 10am

Singapore stocks close 1.09% lower

SINGAPORE : Stocks in Singapore closed 1.09 per cent lower on Wednesday, following China's third interest rate hike in four months. Dealers noted that Asian markets are concerned that a rate rise in China will lead to a slowdown in the economy, and this in turn will have an adverse effect on trade, with damaging knock-on effects for the global economic recovery. The Straits Times Index fell 34.80 points to end at 3,150.56. Volume was 1.42 billion shares. Losers led gainers 355 to 128. Oversea-Chinese Banking Corp fell 1.13 per cent to S$9.64, while SingTel fell 0.96 per cent to S$3.09. CapitaLand fell 2.8 per cent to S$3.48 while City Developments declined 2.7 per cent to S$10.90. Wilmar International was down 1.6 per cent at S$5.39, Noble Group slipped 1.3 per cent to S$2.23 while Olam International fell 0.3 per cent to S$3.08.

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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