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Singapore share prices closed 0.32 percent lower on Friday as the market consolidated following recent strong gains, dealers said. Investors are waiting for more positive cues from quarterly corporate profit results which are due to be released in the next two weeks, they added.
The main Straits Times Index (STI) fell 8.67 points to 2,722.31 on volume of 1.82 billion shares worth 1.24 billion Singapore dollars (794 million US). Gainers outdid losers 375 to 277 with 642 shares unchanged. Dealers said the consolidation provides a healthy breather for the market, as the STI been rallying to fresh record levels in recent weeks.
The market momentum remains intact, but will need a very strong catalyst to push share prices higher at current levels, they said. The broader positive sentiment "reflects the strength of the market, that the undertone is firm," Frasers Securities research head Najeeb Jarhom said.
Another dealer said the market will remain rangebound in the near term. Shipyard stocks fell after SembCorp Marine's third-quarter net profit turned out to be lower than analysts were expecting. SembCorp Marine was down 0.18 at 3.26, Keppel Corp fell 0.30 at 15.60 and COSCO Singapore dipped 0.03 at 1.93.
The banks were flat to lower, with Oversea-Chinese Banking Corp unchanged at 6.95, United Overseas Bank flat at 17.7, while DBS was down 0.10 at 20.40. Property stocks were also flat to lower, with City Developments down 0.20 to 11.10, CapitaLand off 0.05 at 5.70 and Keppel Land unchanged at 5.75.
Technology stocks were mixed, with Creative Technology declining 0.10 at 10.40, Venture Corp down 0.10 at 14.5, while Chartered Semiconductor rose 0.02 to 1.19.

Copyright Agence France-Presse, 2006

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