Singapore shares close 1.1% down on Wednesday

SINGAPORE stocks ended 1.1 per cent lower on Wednesday, with the Straits Times Index (STI) shedding 28.49 points to 2,550.74.

This came as concerns deepened over the oil slump and China's economic slowdown, with blue chips in the spotlight.

The decline in the index was led by Hongkong Land, which dived 6.5 per cent or US$0.40 to US$5.77 on 14.9 million shares traded.

The most actively traded counter was warehouse owner Global Logistic Properties, also part of the STI basket, which fell 2.7 per cent or S$0.045 to S$1.620 on 37.3 million shares changing hands. Other actives included offshore group Ezra Holdings and commodities trader Noble Group.

About 681 million shares worth S$1.09 billion in total changed hands, which worked out to an average unit price of S$1.60 per share.

Losers outnumbered gainers 249 to 118, or about two down for every one up.