Singapore share prices will likely consolidate after a recent record-breaking run, dealers said. Emerging concerns about slower domestic economic growth may also weigh on market sentiment, they said.
On Monday the government is to release first-quarter gross domestic product figures, after data last week showed Singapore's non-oil domestic exports in April fell 0.4 percent year-on-year, far weaker than the 5.0 to 10 percent growth analysts had forecast.
Preliminary government estimates indicate GDP grew six percent in the first quarter but economists were looking at a slightly lower number given a slowdown in exports and manufacturing growth. "There is not much news flow now and the Straits Times Index will probably consolidate," a dealer with a local brokerage said.
But CIMB-GK Research has raised its target for the key Straits Times Index (STI) to 3,780 points from 3,400 to price in higher earnings prospects for Singapore companies, after a strong first-quarter performance.
The Straits Times Index closed Friday at 3,512.40 points, up 65.48 points or 1.90 percent over the past week. The index hit a new high of 3,525.51 on Thursday, its third record finish during the week. Average daily volume was 2.44 billion shares worth 2.02 billion dollars (1.34 billion US), compared with 2.73 billion shares valued at 1.97 billion dollars the previous week.