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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.

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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.

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