Singapore share prices closed flat on Wednesday as overall sentiment remained weak, dealers said. The blue chip Straits Times Index fell 0.56 points to 2,906.23, giving up modest early gains. Volume totalled 1.19 billion shares worth 1.34 billion Singapore dollars (985 million US).
While losing issues outpaced winners 385 to 161 with 857 issues steady. One of the biggest concerns for investors is the impact of inflationary pressures on the economy, dealers said.
"Inflation would have to come down massively in the second half before we can see some light at the end of the tunnel," said an analyst with a foreign brokerage. He said he expects further downside market bias in the near term. Singapore Airlines fell 30 cents to 14.30 Singapore dollars, Singapore Telecommunications was off five cents at 3.52 while ST Engineering dropped two cents to 2.70.
CapitaLand was a key gainer, rising 10 cents to 5.67 but other property counters fell. City Developments dropped 10 cents to 10.64 and Keppel Land eased one cent to 4.81. In the banking sector, DBS slipped six cents to 18.68, United Overseas Bank rose eight cents to 18.58 and Oversea-Chinese Banking Corp was eight cents higher at 8.15.
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