Singapore share prices closed 1.04 percent lower on Tuesday on profit-taking in blue chips led by phone giant Singapore Telecommunications, dealers said.
The Straits Times Index fell 24.26 points to 2,308.35. Volume totalled 630.11 million shares worth 643.41 million Singapore dollars (383 million US).
Losers outpaced gainers 283 to 184, with 1,116 shares unchanged.
"What we are seeing today is some profit-taking across the market - which is expected," said a dealer from a local brokerage.
SingTel, which has the heaviest weightage in the Straits Times Index, closed six cents, or 2.3 percent, lower at 2.53.
Other blue chips also fell with Singapore Airlines down 20 cents at 11.60 and ST Engineering dropping six cents to 2.60. Singapore Press Holdings fell six cents to 4.50.
Technology stocks also fell with Chartered Semiconductor dipping one cent to 1.31, STATS ChipPAC down one cent at 1.18 and Creative 10 cents lower at 14.10. "Most of the tech stocks and blue chips are seeing some correction. But I think tech stocks still have upside, given that they have under-performed the index this year," said the dealer.
Banking stocks were also lower, with United Overseas Bank down 10 cents at 14.60, Oversea-Chinese Banking Corp down five cents at 6.50 and DBS 10 cents lower at 16.60.
As for property stocks, CapitaLand remained unchanged at 3.28, Keppel Land dropped four cents to 3.68 and City Developments fell 10 cents to 8.20.
Comments
Comments are closed.