Singapore share prices closed 0.13 percent higher on Wednesday with a slump in Singapore Telecommunications dragging on the market but with gains in selected properties, dealers said.
They said Index large cap SingTel slumped on talk the company may be eyeing potential acquisitions in Thailand and Australia. The Straits Times Index closed up 2.95 points at 2,337.89. Volume traded was 482 million shares worth 379 million Singapore dollars (227 million US).
Losers outpaced gainers 215 to 191 while 736 stocks were unchanged.
Dealers said talk of the possible SingTel acquisitions raised concerns the firm may spend extra cash on these targets, leaving fewer funds for dividends. There was interest in selected property firms after the government announced it planned to auction off five industrial land sites in the first half of 2006.
City Developments gained 0.05 to 8.45 while CapitaLand added 0.04 to 3.46. DBS jumped 0.10 to 16.50, but among other major banks, UOB and OCBC both ended flat at 14.80 and 6.60, respectively.
Among blue chip counters, Singapore Press Holdings was lower, shedding 0.02 to 4.30, while Singapore Airlines remained unchanged at 11.90. ST Engineering gained 0.02 to 2.82.
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