Singapore share prices closed 1.42 percent lower on Thursday as investors cashed in gains after a recent record-breaking run, dealers said. They said banks and property stocks led the declines. The Straits Times Index (STI) closed down 47.93 points at 3,372.69, on volume of 2.64 billion shares worth 2.37 billion Singapore dollars (1.57 billion US).
There were 373 rising issues, 378 losers and 597 issues unchanged. Dealers said the underlying market tone remains firm, and they expect further corporate results to support to Index. Fraser Securities research head Najeeb Jarhom predicted the Index will breach new record highs above 3,500 this quarter.
Banks and property stocks were hardest hit, with DBS Group Holdings down 0.50 at 22.20, Oversea-Chinese Banking Corp down 0.30 at 9.35 and United Overseas Bank 0.50 lower at 22.10. Property heavyweights City Developments lost 1.00 to 15.40, Keppel Land dropped 0.30 to 8.65 and CapitaLand was off 0.15 at 8.20.
Among blue chip losers, Singapore Airlines shed 0.20 to 17.70 and Singapore Press Holdings fell 0.02 to 4.60 before reporting a 27.7 percent rise in second-quarter net profit compared with a year earlier. Keppel Corp was down 0.40 at 19.40. Technology stocks were mixed with Venture Corp declining 0.20 to 14.30 and Creative Technology dropping 0.05 to 9.25, while Chartered Semiconductor climbed 0.02 to 1.48 and United Test Assembly Center rose 0.045 to 0.96. Genting International was up 0.015 at 0.930 while Thai Beverage was flat at 0.25.
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