Singapore shares closed 0.73 percent lower Thursday, mirroring falls in other regional markets as traders fretted about the pace of economic recovery, dealers said.

The blue-chip Straits Times Index fell 19.29 points to 2,629.35 on volume of 1.41 billion shares worth 1.08 billion Singapore dollars (775 million US). Losers outnumbered gainers 425 to 128, with 689 issues unchanged.

The STI will likely trade within a tight band in the near term as traders look for more concrete signs of economic recovery, dealers said.

"The market is likely to remain rangebound, particularly on concerns that global markets may have over-discounted the (economic) recovery and that fiscal tightening or cut-backs in stimulus could dent global recovery," said UOB Kay Hian.

The STIs slide was mirrored by other major regional bourses, with the Tokyo, Hong Kong and Seoul all ending lower.

Bank shares closed lower. United Overseas Bank fell 26 cents to 17.42, DBS Group Holdings eased six cents to 12.98 and Oversea-Chinese Banking Corp slipped two cents to 7.70.

Among property shares, Capitaland shed 14 cents to 4.04, City Developments was down five cents to 9.85 and Keppel Land closed seven cents lower at 2.73. Singapore Telecommunications fell three cents to 2.89 while Singapore Airlines gained 20 cents to 13.80.

Oil rig maker Keppel Corp slid 10 cents to 7.95 while agribusiness group Wilmar International climbed nine cents to 6.24.