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Singapore shares close 1.7% down on Friday

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SINGAPORE stocks finished 1.7 per cent lower on Friday, with the Straits Times Index dropping 49.93 points to 2,868.69.

The blue-chip index was weighed down by a drop in crude oil prices and the shocking collapse of Swiber Holdings.

The session saw traders scrambling for the exits. About 1.20 billion shares worth S$1.48 billion in total changed hands, which worked out to an average unit price of S$1.23 per share.

The most actively traded counter was Ezra Holdings, which fell S$0.002 to S$0.050 with 95.6 million shares changing hands. Other actives included Vallianz and Noble Group.

Losers outnumbered gainers 311 to 131, or about seven down for every three up.

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