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Singapore share prices closed 0.51 percent lower on Wednesday in a technical pullback from record highs, dealers said. The Straits Times Index closed down 13.92 points at 2,735.30 on volume of 1.56 billion shares worth 1.43 billion dollars (917 million US).
Losers beat gainers 404 to 211, with 689 issues unchanged. On Tuesday the Index had reached another fresh high at 2,749.22 after touching a new intra-day peak of 2,764.91. Dealers said the pullback was expected.
"There is a good chance that we could see more profit-taking until the share prices become more reflective of the fundamentals," UOB-Kay Hian dealing director Chan Tuck Sing said.
He said current share prices have already discounted the prospect of more positive corporate earnings reports, leaving little room for further reaction. Weighing down the index, DBS Group Holdings dropped 0.20 to 20.00 and United Overseas Bank fell 0.20 to 17.90.
Singapore Airlines declined 0.20 to 15.20 and ST Engineering slipped 0.03 to 2.99. Singapore Press Holdings dropped 0.02 to 4.28. Most property stocks fell. Keppel Land declined 0.25 to 5.65, City Developments was down 0.20 at 11.50 and CapitaLand declined 0.10 to 5.65.
Technology stocks were mixed, with United Test and Assembly Center down 0.01 at 0.715 and Venture Corp down 0.30 at 13.90. Creative Technology rose 0.20 to 10.70 and STATS ChipPAC climbed 0.005 to 0.995.
Singapore Telecommunications bucked the market trend, rising 0.11 to a new 52-week high of 2.85, after it said net profit for its second quarter to the end of September had risen 19 percent from a year earlier to 956 million Singapore dollars (613 million US).

Copyright Agence France-Presse, 2006

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