Singapore share prices closed on Monday at a new record high for the second straight session as investors snapped up blue chips on expectations of robust corporate earnings, dealers said. They however see a period of consolidation setting in after the market's record-setting march in recent sessions.
The main Straits Times Index finished at a new closing peak of 2,691.61, up 5.18 points or 0.19 percent from the previous record of 2,686.43 set on Friday. The index had touched an all-time intraday peak of 2,701.70 during the session.
Volume totalled 919 million shares worth 975 million Singapore dollars (617 million US) with 270 rising issues, 308 decliners and 701 stocks even. "The market is beginning to consolidate following its record-breaking rally," a dealer with a local brokerage said.
Some of the leading companies due to release September quarter earnings this week are Keppel Land and parent company Keppel Corp, banking giant DBS Group and Singapore Airlines. Keppel Land rose 0.20 to 5.35, CapitaLand added 0.10 to 5.25 and City Developments was down 0.10 at 10.90. Among banks, DBS eased 0.20 to 20.60, United Overseas Bank was up 0.30 at 17.60 and Oversea-Chinese Banking Corp gained 0.05 at 6.95.
Singapore Telecommunications rose 0.02 to 2.56 after agreeing to sell one of its property asset for 163.4 million dollars. Other gainers include SembCorp Industries which rose 0.06 to 3.58 and Fraser and Neave which added 0.14 to 4.58. Keppel Corp was down 0.10 at 15.70, Singapore Airlines was down 0.10 at 15.80 and STATS ChipPAC was down 0.015 at 0.97.
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