Singapore share prices closed flat on Tuesday as lacklustre exports in June weighed down sentiment, dealers said. The main Straits Times Index fell 2.18 points or 0.06 percent to 3,651.05. Volume traded totalled 6.4 billion shares worth 3.04 billion Singapore dollars (2.01 billion US) and there were 420 rising issues, 436 decliners and 669 issues were flat.
Singapore's booming oil and gas sectors are expected to stay healty on the back of strong orders despite the downward revision to trade growth forecasts for 2007, dealers said.
"Investors are still picking up oil and gas-related stocks, with analysts bullish on the sector given the high oil price and steady order flows," a dealer with a local brokerage said.
The government on Tuesday cut its 2007 trade growth forecasts to 5.0 to 7.0 percent from 8.0 to 10 percent due to sustained declines in electronics shipments and a weaker-than-expected trade performance so far this year. The revisions came as key non-oil domestic exports in June grew 1.2 percent from a year ago, slower than the 3.7 percent rise recorded in May.
Among energy-related stocks, Keppel Corp was up 40 cents at 13.70 dollars, SembCorp Industries was up 10 cents at 5.80 dollars, and Rotary Engineering was up seven cents at 1.44 dollars.
For the blue chips, Singapore Airlines fell 10 cents to 19.30 dollars, Singapore Telecommunications declined four cents to 3.48 dollars and Neptune Orient Lines dropped 20 cents to 5.95 dollars.
Select property stocks were also hit by selling pressure, with City Developments down 40 cents at 16.30 dollars, CapitaLand down five cents at 7.70 dollars, and Wing Tai Holdings down four cents at 3.96 dollars.
For the local banks, DBS Group Holdings lost 30 cents at 23.60 dollars, Oversea-Chinese Banking Corp fell 10 cents to 9.40 dollars but United Overseas Bank gained 40 cents to 23.10 dollars.