Singapore shares ended slightly lower on Thursday, led by slide in index heavyweights after recent heady gains, but consumer and property stocks pulled the market off early lows.
The Straits Times Index shed 6.87 points, or 0.34 percent, to 1,997.12, bouncing off an early low of 1,986.38.
Losers were led by Singapore Telecommunications (SingTel) and DBS Group Holdings, which both eased as investors cashed in profits after a 5-session rally in Singapore's key index to a 45-month high on Wednesday.
SingTel ended down 2 percent at S$2.37, off Wednesday's 4-month high. DBS lost 1.2 percent to S$16.60, recoiling from a 3-1/2-year high on Wednesday.
The broader market showed a turn in sentiment as gainers, overtook losers 197 to 138 just before the close. Turnover was brisk at 597 million shares.
Pulling the index off its lows were consumer-related stocks such as Hong Kong-based trading group Jardine Matheson, Singapore Press Holdings and Hong Kong property stocks such as Hongkong Land and Jardine Strategic Brokers said say consumer-related stocks were being picked up by fund managers who believe domestic spending across Asia was likely to recover after a 7-year slump.
Singapore Press Holdings rose half a percent to S$4.42, aided by SingTel's decision to sell its entire 28.51 percent stake in MediaCorp Press Ltd. for S$13.7 million or, 60.8 cents a share.
SingTel's exit from the newspaper business is seen as paving the way for a consolidation in the media industry that could end an experiment with competition.
Singapore Airlines fell 1.7 percent to S$11.60 after a disappointing load factor report issued late on Wednesday, dealers said.
The world's second-largest airline by market value said 67.4 percent of its passenger and cargo had been taken up in August, down from 68.8 percent in July. Debutant Pan Asia Water held steady at its offer price of 21 Singapore cents.
Neptune Orient Lines Ltd (NOL) ended 0.4 percent down at S$2.79 and saw its trading volumes shrink a day after state investment agency Temasek Holdings won control of the firm. Temasek by late Wednesday had secured a 53.54 percent stake in NOL and analysts expect more shareholders to accept the offer in the next 2 weeks.