Singapore share prices closed 0.47 percent higher on Monday but pulled back from earlier gains after steep losses on the Bombay stock exchange, and the Tokyo market's fall, dealers said. The Straits Times Index closed up 15.07 points at 3,246.31 on volume of 1.67 billion shares worth 1.35 billion Singapore dollars (897 million US).
Losers edged gainers 388 to 305, with 691 shares unchanged. "The market here has gone up quite a bit, so when the overseas markets fall, investors began to take some profits," a dealer with a local brokerage said.
Indian share prices plunged 4.72 percent Monday, the sharpest fall in nearly a year as bank, auto and housing stocks were sold off after a central bank interest rate hike, dealers there said. But dealers noted that the medium-term outlook for the Singapore market remains positive, supported by strong local fundamentals.
Gains in some property counters helped boost the Index, with Keppel Land up 0.10 at 9.60 and City Developments up 0.10 at 14.70. CapitaLand fell 0.05 to 7.95.
Blue chips closed flat to higher, with Singapore Telecommunications unchanged at 3.28, Singapore Airlines flat at 16.60, and ST Engineering up 0.04 at 3.36. Banking stocks were mixed. Oversea-Chinese Banking Corp was up 0.05 at 9.05, United Overseas Bank steady at 21.00 and DBS Group Holdings down 0.10 at 21.30.
Technology stocks were lacklustre, with Chartered Semiconductor down 0.02 at 1.43, Venture Corp slipping 0.20 to 14.40 and Creative Technology down 0.45 at 9.30 on news that it expects to post an operating loss of 20 million US dollar in the third quarter to March. Thai Beverage was 0.005 higher at 0.250 but Genting International was 0.005 lower at 0.810.
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