Singapore shares closed 3.71 per cent down Monday, hitting their lowest level in nearly six years on persistent worries over the economic outlook, analysts said.

The blue-chip Straits Times Index fell 56.17 points to 1,456.95 on volume of 830.31 million shares worth $667 million.

Losers led gainers 318 to 118 with 785 issues unchanged.

'Everything is still very gloomy. It's the first time in living memory that at this point in the year, people are so bearish for the whole year ahead,' said Najeeb Jarhom, head of retail research at AmFraser Securities.

The index closed at its lowest point since July 2003.

United Overseas Bank fell 62 cents to 8.20, DBS shed 45 cents to 6.45 and Oversea-Chinese Banking Corp closed 19 cents down at 3.95.

Among property stocks, City Developments dropped 19 cents to 4.07, CapitaLand eased seven cents to 1.79 and Keppel Land was down five cents to 1.14.

Singapore Telecommunications dipped 10 cents to 2.44 and Singapore Airlines shed 10 cents to 9.80.

Motor vehicle firm Jardine Cycle and Carriage fell 47 cents to 8.53 and oil rig-maker Keppel Corp eased eight cents to 4.08.