Singapore shares open 1% lower

SINGAPORE shares eased by one per cent as at 9.01 am on Friday, with the Straits Times Index down 29.17 points to 2,877.26 on early profit-taking.

About 64.5 million shares worth S$103.8 million in total changed hands, which worked out to an average unit price of S$1.61 per share.

The banks put a drag on the index. DBS Group Holdings slipped one per cent, or 18 Singapore cents, to change hands at S$17.57, while United Overseas Bank declined by 0.7 per cent or 14 Singapore cents to trade at S$19.39.

The most actively traded stock was Fu Yu Corp, which rose 0.4 Singapore cent to 15.6 Singapore cents with 7.1 million shares changing hands.

Losers outnumbered gainers 76 to 51, or about three down for every two up.