STI Down 1.6%; Breaks Below Key 3000 Support

Singapore shares following Wall Street lead, sharply lower in early trade as resurgent inflationary, credit crunch fears grip investors; STI down 1.6% at 2997.66, goes below 3000 for first time since April 1, next support tipped at 2950. "Sell in May and go away looked like the right call, people are panic selling and there are no buyers around to support the market," says strategist at local house. Most blue chips in negative territory with property stocks particularly weak, likely on renewed global economic jitters; Hongkong Land (H78.SG) worst performer, down 4.9% at US$4.44. Broad market volume slightly above yesterday's but still low by normal standards, losers outnumber gainers roughly 5 to 1