Singapore shares close down 0.58% on Thursday

SINGAPORE shares tumbled for the second straight day on Thursday, with the benchmark Straits Times Index (STI) dropping by 20.6 points, or 0.58 per cent, to 3,521.31.

A total of 1.75 billion shares worth S$1.32 billion changed hands, with losers outnumbering gainers 255 to 199.

Manufacturer JEP Holdings topped the actives list for the fourth day this week, on a turnover of 123.47 million shares.

It added 0.6 Singapore cent, or 8.82 per cent, to 7.4 Singapore cents.

The blow to the STI came from all three local banking heavyweights.

City Developments Ltd (CDL) also dragged down the index.

The counter lost S$0.09, or 0.67 per cent, to S$13.31, on a volume of 3.66 million shares.

The developer has said that it will not extend the deadline for its offer to privatise Millennium & Copthorne Hotels, if there are not enough acceptances for the bid to turn unconditional.

But CapitaLand perked up by S$0.01, or 0.26 per cent, to S$3.81, with 13.08 million shares traded.

It announced after the market closed that it will explore investing in an integrated development in Wuhan, in central China.