Singapore shares ended lower in thin volume today as investors remained concerned about the prospects for economic growth in China following last week’s moves there to tighten monetary policy.

The benchmark Straits Times Index finished the day 6.45 points, or 0.2%, lower at 3,190.92 with a total of 1.17 billion shares changing hands compared with 1.25 billion traded Friday.

In the broader market losers dwarfed gainers 283 to 169.

The general view among many participants is that the Singapore equities market is likely to enter its traditional year-end mode which will mean thin trading and a subdued mood.

“Trading activity during the November to January period over the past decade has revealed December to be the quietest month 90% of the time. We see no exception this year,” DBS Vickers said in a note.

Some analysts added that the downside risks to the local equities market remain given worries that authorities here may move to rein in property prices.

“The Singapore market has the second highest weighting towards banks in the region after Thailand. As such, government efforts to rein in the real estate sector in combination with the ongoing challenges local banks face...will act as a drag on the broader market,” BNP said in a note.

Singapore property stocks fell after Hong Kong announced measure to cool property prices. Investors mostly ignored a report by Credit Suisse which said that Singapore is unlikely to follow Hong Kong.

Among property stocks, City Development lost 3.2% at $12.58 while CapitaLand gave up 0.8% to $3.77.

Some commodity stocks were also hurt with Wilmar International falling 0.5% at $6.15. CIMB in its note said that China’s moves to stem food inflation could weigh on profit margins of the commodity trader.

Golden Agri Resources lost 0.7% at $0.715.

However, shares of rig builders Keppel Corp. and Sembcorp Marine gained on a note by DBS which said that higher capital expenditure by oil and gas exploration and production companies could benefit the rig builders.

Keppel Corp gained 1.5% to $11.04. Sembcorp Marine, however, ended 0.2% lower at $5.07 on last minute profit taking. The stock was in positive territory for most of the day.