Singapore share prices closed 0.38 percent higher on Tuesday with late buying in selected blue chips helping the main index recover from Monday's losses, dealers said. They noted that while late buying helped lift the main index, they see little further significant upside, with most stocks fully valued.
The Straits Times Index gained 10.15 points to finish at the intraday high of 2,701.75 on volume of 1.23 billion shares worth 1.28 billion Singapore dollars (820 million US).
Gainers outdid losers 358 to 234 with 702 shares unchanged. "The market has gone up too fast (in recent rallies) and the fundamentals don't justify that aggressive re-rating," a dealer with a European brokerage said. "The market may pull-back, though maybe we will see recovery later towards the end of the year."
Supporting the main index Tuesday was CapitaLand which rose by 0.15 to 5.45, City Developments which gained 0.20 to 11.00, and Keppel Land which advanced 0.05 to 5.50.
Blue chips also boosted the market, with Singapore Telecommunications up 0.02 at 2.65, ST Engineering up 0.01 at 2.96 and Singapore Airlines up 0.10 at 15.20. Among technology stocks, Chartered Semiconductor was up 0.01 at 1.19, STATS ChipPAC up 0.02 at 0.985 and Venture Corp up 0.30 at 14.30. Creative Technology, however, slid 0.80 to 10.40, after it reported that net losses widened sharply in the first quarter to September.
The digital entertainments products maker posted a net loss of 21.01 million US dollars, nearly double the previous quarter's loss of 12.7 million US dollars, and a reversal of its year before profit. Also weighing on the market were banking stocks that came under pressure from profit-taking.
DBS Group extended its fall, slipping 0.20 to 20.40 despite posting stronger-than-expected results last week. United Overseas Bank lost 0.10 to 17.70 after it said its third-quarter net profit was flat.
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