Singapore shares may maintain upward trade

Singapore shares are likely to trade higher but profit taking could cap gains, traders said. The main Straits Times Index closed Friday at 2,139.78, down 98.43 points, or 4.40 percent from the previous week.
"There's still ample liquidity in the market with plenty of hot money chasing after stocks," said a local brokerage house dealer. "Stay alert and nimble so you can lock in profits on a short-term trading basis." A dealer with a local bank said the market is likely to go higher in the near term.
"I'm still bullish the market will go higher in the near term based on technical indicators. I'm trading mainly on technicals right now because everything has gone up so much lately," the local bank dealer said. Average volume was 3.13 billion shares worth 2.03 billion Singapore dollars (1.40 billion US), compared with 3.08 billion shares worth 2.74 billion dollars the week before.