SINGAPORE, Dec. 1-- Singapore shares closed 1.34 percent lower on Monday, dragged by oil prices which slumped to five-year lows.

Crude oil fell more than 2 U.S. dollars a barrel to a five-year low in Asian trade on Monday, extending a steep sell-off after the Organization of the Petroleum Exporting Countries (OPEC) decided not to cut production last week in the face of a supply glut.

DBS Group Research said Singapore equity market may be entering its traditional year-end holiday lull period. There is a tendency for market activity to taper down steadily till mid-December before picking up again just before Christmas. Still, with the earnings revision trend stabilizing in the just concluded third- quarter results season, the index should head for 3,400 points by year-end.

Phillip Securities Research said the local bourse is currently consolidating at resistance at 3,350 points. A successful break out implies a move to 52 week high at 3,380 points and then 3,450 points.

Voyage Research said "we expect the Straits Times Index to resume its uptrend this week, but facing resistance level at 3,380 points followed by 3,400 points."

Singapore's benchmark Straits Times Index fell 44.86 points to 3,305.64 points. Trading volume was 1.72 billion shares worth 1.27 billion Singapore dollars. Decliners heavily outnumbered advancers 400 to 84, while 456 stocks did not move.

OUE Hospitality Trust closed flat at 90.5 Singapore cents. It announced that it has entered into conditional agreements to acquire the 320-room Crowne Plaza Changi Airport for 290 million Singapore dollars and the 243-room Crowne Plaza Changi Airport Extension for 205 million Singapore dollars from sponsor OUE Limited.

Parkway Life REIT rose 1.7 percent to 2.39 Singapore dollars. It proposed to acquire Habitation Jyosui, a private nursing home in Fukuoka. The acquisition price of 39.3 million Singapore dollars implied an initial yield of 5.8 percent.

Among top gainers, Jardine Cycle and Carriage rose 0.6 percent to 42.84 Singapore dollars, while Keppel Corporation became one of the top losers by plunging 4.9 percent to 8.56 Singapore dollars. (1 U.S. dollar equals to 1.31 Singapore dollars)

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