Singapore shares prices are expected to move in a narrow band next week as the market consolidates the multi-year highs set this week, with interest focused on small caps stocks, dealers said.
Dealers said volatile oil prices, which shaved off nearly five dollars from record peaks above 62 dollars per barrel late last week, would also continue to weigh down trading sentiment.
A dealer from a foreign brokerage house said the market will continue to drift sideways in the coming sessions, focused on small stocks with interesting leads.
Drug company Biosensors International, he said, will elicit particular interest, after its Netherlands-based subsidiary, Occam International BV, won regulatory approval to sell its first drug-extracting stent, Axxion, in Europe.
Biosensors closed eight cents, or 9.2 percent, higher at 94.5 cents on Friday, extending gains for the third consecutive session.
"Most are focused on Biosensors, but the market is still cautious of the oil price. However, we see the market consolidating upward," the dealer said.
Investors meanwhile would also be casting an eye on blue chip stock Singapore Airlines (SIA), which is set to announce its first quarter earnings results next week.
SIA, one of the world's most profitable airlines, rose 20 cents to 11.80 on Friday after Changi Airport reported that June saw its highest passenger traffic so far this year, with monthly passenger arrivals up 7.8 percent.
For the week ending July 15, the Straits Timex Index closed at 2,250.29, up 34.3 points, or 1.55 percent, from the week earlier.
Comments
Comments are closed.