Singapore share prices closed up 0.23 percent on Thursday but were off a record intra-day high after early gains were led by blue chip Singapore Telecommunications, dealers said. They said a correction at this stage would be healthy after the recent record-breaking run which has taken the index past the 2,900-point level.
The Straits Times Index rose 6.78 points to 2,901.80, just off a new intraday high of 2,909.37 points and the record finish of 2,901.99 set Tuesday. Volume was 1.62 billion shares worth 1.49 billion Singapore dollars (973 million US). Losers outdid gainers 327 to 300 with 696 stocks unchanged.
"It would be silly of investors not to take profit at current levels," a dealer at a local brokerage said, adding that valuations "warrant further selling". "The surge in the market has been ridiculous; we are seeing economic slowdown everywhere next year and the market is looking at everything with rose-tinted glasses," he added.
Heavyweight Singapore Telecommunications lifted the Straits Times Index by nine points as the stock rose 0.07 dollars to 2.98 dollars with investors positive about its regional mobile business, dealers said. Keppel Corp was another key support as it rose 0.50 to 18.10 after its unit Keppel FELS secured a 371-million US dollar contract to build a jack-up rig.
Genting International was the most active stock on hopes it will win the Sentosa integrated resort project. It add 0.01 at 0.435 with 73.59 million shares changing hands. The Genting-led consortium is up against CapitaLand and partner Bahamas-based Kerzner International Holdings Ltd, and US-based Eighth Wonder in the race to develop the city-state's second casino resort.
CapitaLand, however, succumbed to profit taking along with the rest of the property heavyweights. It fell 0.25 to 6.20, while Keppel Land declined 0.10 to 6.85 and City Developments lost 0.10 to 12.30. Tech stocks were mixed, with Creative Technology down 0.30 at 10.00, Chartered Semiconductor flat at 1.38 and STATS ChipPAC up 0.01 to 1.28.
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