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Singapore share prices closed 0.18 percent lower on Tuesday as profit-taking erased earlier gains that had lifted the benchmark index to a new all-time high, dealers said. The Straits Times Index (STI) closed down 6.45 points at 3,572.90 after touching a fresh intraday high of 3,596.27 in early trading.
Volume was 2.61 billion shares worth 2.15 billion Singapore dollars (1.41 billion US). Gainers beat losers 423 to 338, with 701 issues unchanged. Dealers noted that even as rotational plays and an influx of fresh liquidity continue to provide support, the market is in need of a healthy breather after its run of record highs.
"Valuations are not cheap, and with a softening of the economy seen ahead, there are reasons for investors to be a bit more cautious," a dealer with a local brokerage said. The STI is expected to trade in a narrow range for the rest of the week, with 3,600 points seen as the next resistance level, dealers said.
Most banks succumbed to profit-taking with DBS Group Holdings losing 0.10 to 24.10, Oversea-Chinese Banking Corp dropping 0.10 to 9.50 but United Overseas Bank was flat at 23.90.
Among blue chips that fell, Singapore Telecommunications lost 0.10 to 3.48, Singapore Press Holdings lost 0.02 to 4.36, Keppel Corp was unchanged at 11.70 and Singapore Airlines added 0.10 to 18.50. In the property sector, CapitaLand was down 0.05 at 8.10, City Developments was up 0.40 at 17.80 and Keppel Land was up 0.10 at 9.25.
Technology counters provided some support, as they benefited from speculative play amid ongoing consolidation moves in the sector. United Test and Assembly Center Ltd (UTAC) rose to a 52-week high 1.02, up 0.05 on speculation it was the target of a possible take-over. For other tech stocks, Venture was up 0.60 at 16.20 and Chartered Semiconductor was up 0.01 at 1.34.

Copyright Agence France-Presse, 2007

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