Singapore share prices closed 0.54 percent lower on Tuesday, pulled down by economic concerns, dealers said. The blue chip Straits Times Index (STI) was off 15.57 points at 2,860.51. Volume traded totalled 1.36 billion shares worth 1.93 billion Singapore dollars (1.41 billion US).
Dealers said market players were also waiting for the outcome of the US Federal Reserve meeting later Tuesday before making further moves. "Immediate support for the STI will be at 2,800, but the furthest you can go is the March 17 intra-day low of 2,745.96," said a strategist with a foreign bank.
"As long as the US market stabilises, you can expect to see a rebound later this week." United Overseas Bank closed 38 cents higher at 19.68 dollars after posting better-than-expected profits of 601 million dollars for the second quarter.
Oversea-Chinese Banking Corp rose 11 cents to 8.41 and DBS bank slumped 22 cents to 18.82. Both banks will release their second quarter earnings report on Thursday. Among blue chips, Singapore Airlines gained 16 cents to 15.06, Singapore Telecommunications eased two cents to 3.55 and Neptune Orient Lines was up two cents at 2.65. For the property sector, CapitaLand fell seven cents to 5.28, City Developments added two cents to 10.82 and Keppel Land was down two cents at 4.60.
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