Singapore share prices closed 0.11 percent lower Wednesday as profit-taking in blue chips offset gains in select technology stocks, dealers said.
They said some investors had picked up technology stocks on hopes share prices will recover following recent sell-offs.
The Straits Times Index fell 2.63 points at 2,300.25. Volume was 979 million shares valued at 1.03 billion Singapore dollars (609 million US), sharply higher than the 574 million shares worth 537 million dollars on Tuesday.
Gainers beat losers 305 to 180 while 1,080 stocks were unchanged. "The worst for tech stocks is over. In the next few months, there may be a tech rally," a local brokerage dealer said. In the technology sector, Venture Corp gained 30 cents to 13.70, Creative Technology rose 20 cents to 13.90, Chartered Semiconductor added five cents to 1.24, STATS ChipPac edged up three cents to 1.11 and UTAC advanced three cents to 70 cents.
Datacraft was up two US cents to 1.03 US dollars. Property stocks dipped on last-minute profit taking. City Developments fell five cents to 8.25 and CapitaLand eased two cents to 3.28.
Keppel Land dropped 12 cents to 3.80 as analysts believe that its plan to set up real estate investment trust (REIT), called K-REIT Asia, is likely to have negative implications for the firm.
Among the blue chips, ST Engineering fell a cent to 2.63 and Singapore Airlines declined 10 cents to 11.70.