Singapore share prices closed lower for the third straight session Friday, dropping one percent as investors locked in profits on the market's recent gains, dealers said. They said sentiment nonetheless remains positive and the market is likely to rise again after the National Day holiday on Tuesday, with marine and engineering firms, and property stocks as the top picks.
The Singapore Straits Times index lost 23.52 points at 2,338.87.
Volume was 1.029 million shares worth 1.067 billion Singapore dollars (624 million US), down from 1.4 billion shares worth 1.6 billion Singapore dollars on Thursday.
Losers beat gainers 334 to 173 and 778 stocks were unchanged.
"Players should come back after the holiday. The interest is still there.
This is just healthy profit taking. Players don't like to hold big positions before a holiday," said a dealer from a foreign brokerage.
The dealer said shipping and property stocks are expected to be in the limelight next week.
Index heavyweight Singapore Telecommunications Ltd (SingTel) fell 11 cents to 2.67 dollars, after touching a low for the month of 2.65 on concerns that state investment arm Temasek might sell shares in SingTel.
Temasek owns 62.7 percent of SingTel.
Among the banks, DBS was unchanged at 16.50 dollars, while United Overseas Bank added 10 cents to 14.80. Oversea-Chinese Banking Corp dipped five cents to 6.30.
Profit taking in property firms continued, with CapitaLand falling five cents to 2.99 dollars. City Developments tumbled 25 cents to 8.75, while Keppel Land was unchanged at 3.36.
Technology stocks were not spared, with Creative Technology fall 40 cents 12.90 dollars. Chartered Semiconductor was down two cents at 1.26, while Venture Corp dipped 10 cents to 15.60.
Marine and engineering stocks fell as investors locked-in recent gains.
SembCorp Marine was down four cents at 2.86 dollars and First Engineering fell one cent to 1.33. Labroy Marine shed two cents to 1.07, while Keppel Corp lost 20 cents at 12.70.
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