Singapore share prices closed 0.43 percent lower on Friday on a lack of fresh leads and as investors consolidated a series of strong gains made this week, dealers said. The Straits Times Index was down 13.69 points at 3,205.82. Volume was 1.33 billion shares worth 1.28 billion dollars (847 billion US).
Losers outpaced gainers 348 to 321, with 738 stocks unchanged. Dealers said that given the lack of fresh domestic leads, the market will continue to watch US economic data to gauge the prospects for an interest rate cut there.
"If the Fed were to ease interest rates in the second half of the year, it would be very good for the market," said Gabriel Yap, senior dealing director at DMG Partners Securities Pte Ltd. He said he expects the local market to stay in consolidation mode for another two weeks before resuming its uptrend.
Blue chips gave up recent gains, with Singapore Telecommunications down 0.06 dollars at 3.20 dollars and ST Engineering falling 0.06 to 3.32. Singapore Airlines fell 0.30 to 17.10 on concern over rising jet fuel prices.
The company said it will raise its fuel surcharge from April 1 because of higher jet fuel costs. Techs were flat to lower, with STATS ChipPAC unchanged at 1.82, Chartered Semiconductor falling 0.05 to 1.41 and Datacraft Asia down 0.03 US dollars to 1.12 US dollars.
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