Singapore shares expected to remain aimless

Singapore shares are likely to be aimless as traders look for strong leads and await the release of second quarter corporate earnings results, dealers said. "The market needs some new leads to return to 2,350 to 2,400," said Najeeb Jarhom, AmFraser Securities senior vice president of equity research.
"Apart from mid-year window dressing which should underpin the index at least around 2,250, there should be some clues as to the second quarter earnings performances in the next two to three weeks."
The main Straits Times Index snapped a six-day losing streak to close at 2,273.18 on Friday, down 103.89 points or 4.37 percent from the previous week. Average volume was 1.86 billion shares worth 1.49 billion Singapore dollars (1.02 billion US), compared with 2.48 billion shares worth 1.62 billion dollars the week before.