Singapore shares closed 0.43 percent lower on Monday in cautious trading ahead of local earnings reports and key US economic data, analysts said. The blue chip Straits Times Index closed 12.55 points lower at 2,910.36 on thin volume of 748.93 million shares worth 792.65 million Singapore dollars (581 million US). Falling issues led decliners 282 to 176 while 947 were unchanged.
Singapore Airlines was to release first-quarter earnings after the market closed on Monday. Other companies reporting this week are Keppel Corp, releasing second-quarter earnings on Thursday, and CapitaLand, which on Friday is to announce its second-quarter results.
On Thursday the United States is to release second-quarter gross domestic product estimates, as well as preliminary July unemployment figures. Investors will be watching for signs that the United States may have experienced the worst of its recent economic troubles. One local dealer said that if corporate earnings fall, as expected, "we are likely to see a selldown again as bearish views are confirmed."
In the banking sector, DBS ended four cents lower at 19.34 Singapore dollars, but UOB was up 16 cents at 19.24, and OCBC rose five cents to 8.40. Ahead of its earnings announcement, Singapore Airlines was down 14 cents at 15.28. Creative Technology, which makes products for digital entertainment, soared 79 cents to 6.50. Among property stocks, CapitaLand dropped eight cents to 5.83.
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