Singapore shares closed 0.57 percent lower on Thursday as traders took profit from gains made during the previous day's rally, dealers said. Investors also took a lead from a 2.05 percent fall in US stocks on Wednesday. Singapore's blue chip Straits Times Index (STI) fell 13.11 points to 2,292.97 on volume of 2.29 billion shares worth 1.53 billion Singapore dollars (1.05 billion US).
Gainers led losers 278 to 229, with 795 issues unchanged. The STI soared 3.0 percent Wednesday, lifted by strong performances on other regional markets. Dealers said the market was holding up Thursday even as prices eased. "To shorter-term players, the approach is to take profits once a multi-year resistance is tested, while longer-term investors would come in quickly on weakness," said AmFraser Securities head of retail research Najeeb Jarhom.
Another dealer said prices are sustainable at current levels. "A lot of people have been saying the market is due for a correction, but it has not happened. Every time it comes down, it goes back up again. This market is very liquidity-driven," said a dealer at a foreign brokerage.
Banking shares were lower, with DBS slipping 20 cents to 11.60, United Overseas Bank shedding 18 cents to 14.32 and Oversea-Chinese Banking Corp inching down two cents to 7.18. Among property shares, CapitaLand fell nine cents to 3.70 while City Developments rose a cent to 9.04 and Keppel Land gained 19 cents to 2.32. Singapore Airlines was up six cents to 12.56 and Singapore Telecommunications edged up a cent to 2.91. Shipping firm Neptune Orient Lines advanced two cents to 1.47 while oil rig maker Keppel Corp fell ten cents to 7.27.
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