Singapore share prices closed 0.75 percent lower on Tuesday as investors consolidated their positions following five straight sessions of gains, dealers said. The Straits Times Index retreated 23.78 points to 3,158.90. Volume was 1.30 billion shares worth 1.41 billion dollars (927 million US).
Losers beat gainers 436 to 270, with 680 stocks steady. Despite the losses, dealers said they are not worried as this could mark a reversal of the recent market recovery, with some believing that this is in fact a normal part of a stabilisation phase.
"By the looks of it, it is in sync with tough consolidation," said Gabriel Yap, senior dealing director at DMG Partners Securities Pte Ltd. "After a quick fall and some recovery from the fall, for the next two weeks, the market should consolidate ... It's still the normal behaviour," he added.
Most blue chips were lower, with Singapore Telecommunications losing 0.08 dollars to 3.22 dollars and Singapore Airlines down 0.10 to 16.70. Among banks, DBS Group Holdings fell 0.10 to 21.40, United Overseas Bank lost 0.20 to 20.80 and Oversea-Chinese Banking Corp fell 0.05 to 8.60.
Property stocks were mixed with Capitaland slipping 0.10 to 7.40, City Developments down 0.10 at 13.70, while Keppel Land put on 0.05 to 8.90. Construction issues were lower after Indonesia said it may also ban the export of granite to Singapore, having earlier banned sand shipments.
Among construction and building materials companies, Yongnam was down 0.01 at 0.24, CSC Holdings down 0.01 at 0.21 and Lian Beng Group down 0.01 at 0.25. Techs were mixed. Chartered Semiconductor slid 0.02 to 1.48, Creative Technology shed 0.10 to 9.90 but United Test Assembly Center advanced 0.01 to 0.95.
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