Singapore share prices could rebound after slipping off record highs for more than a month, dealers said. For the week ended November 16, the main Straits Times Index finished 4.41 percent or 158.71 points lower at 3,440.96.
Average volume was 2.09 billion shares worth 2.43 billion dollars (1.67 billion US) compared with 2.25 billion shares worth 2.7 billion Singapore dollars the previous week.
Worries over possible fallout from a crisis in the US subprime mortgage sector have weighed on the market, dealers said. Chang Tuck Sing, head dealer at UOB Kay Hian, said investors are waiting to see whether Wall Street will stabilise but some share prices have dropped so low that a technical rebound is very likely.
The key index has fallen 11.22 percent since its all-time high of 3,875.77 reached on October 11. "There are conflicting situations - share prices are attractive so technically, the index looks like it is going to stage a rebound. On the other hand are all these uncertainties about oil prices, property prices and Wall Street," Chan said. "I suppose eventually one side has to give way."
Comments
Comments are closed.