Singapore share prices closed 0.18 percent higher Wednesday but with the broad market under pressure as players consolidated after recent gains, dealers said. They said declines on Wall Street triggered early selling but late bargain-hunting in some blue chips helped the Index recover.
The Straits Times Index closed up 4.72 points at the day's high of 2,642.42 on volume of 1.07 billion shares worth 1.13 billion Singapore dollars (719 million US). Losers outdid gainers 295 to 255 with 724 shares unchanged.
A dealer with a local brokerage said "some investors took profit and we are also seeing a mild pullback" in the broader marker after a recent rally which pushed the Index to record highs. Investors are adopting a "wait-and-see approach" ahead of the release of quarterly corporate results over the next few weeks, the dealer added.
Blue chips were mixed, with Singapore Airlines down 0.20 at 15.20, Singapore Press Holdings flat at 4.16, Singapore Telecommunications up 0.04 to 2.50 and ST Engineering up 0.01 at 2.95. Among banks, DBS finished flat at 20.50, OCBC fell 0.05 to 6.85 while UOB gained 0.10 to 16.90. Property stocks were flat to lower, with CapitaLand flat at 5.15, City Developments unchanged at 10.60 and Keppel Land down 0.10 at 5.05. Among technology stocks, Chartered Semiconductor was unchanged at 1.21, Venture Corporation was flat at 13.00 and Creative Technology was up 0.30 at 11.30. Keppel Corp gained 0.40 to 15.30.
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