Singapore shares closed flat Thursday with most investors having already priced in a recent slew of positive economic data, dealers said. The blue chip Straits Times Index edged down 1.82 points or 0.07 percent to 2,672.60. Volume totalled 2.49 billion shares worth 1.84 billion Singapore dollars (1.30 billion US). There were 223 rising issues, 291 decliners and 728 stocks were even.
AmFraser Securities head of retail research Najeeb Jarhom said the prospects of the benchmark index heading higher in the coming sessions remain promising. Earlier Thursday, the government said the fall in the city-state's key exports eased in August, buoying hopes that the trade-reliant economy was heading for a recovery.
"Going forward, we continue to expect trade to show a lesser pace of decline on the back of base effects and stabilisation in the external conditions," Morgan Stanley Research said in a note. Banks closed higher, with DBS rising 26 cents to 13.48 dollars, United Overseas Bank up 10 cents to 17.00 and Oversea-Chinese Banking Corp adding seven cents to 7.83.
CapitaLand eased four cents to 3.73, Keppel Land was off one cent to 2.67 and City Developments dipped four cents to 10.38. Singapore Airlines climbed 20 cents to 13.60, Singapore Telecom dropped two cents to 3.17 and Singapore Press Holdings ended four cents lower at 3.71.