Singapore shares edged up 0.13 percent on Monday as traders awaited the release of corporate earnings results from major firms, dealers said. The blue chip Straits Times Index gained 3.58 points to 2,711.70 on volume of 1.69 billion shares worth 1.13 billion Singapore dollars (810 million US).
Gainers outnumbered losers 251 to 196, with 823 stocks unchanged. "The stock market lacks conviction," said DBS Vickers in a report, stating that "market breadth is not strong and market traded value has been declining."
Another dealer said traders were waiting for the release of corporate earnings data from companies for leads.
"The market so far is quite subdued as people are waiting for the corporate results. Until they're announced, people tend to be a bit more sensitive to profit-taking," said the dealer.
Banking stocks were mostly unchanged, with DBS staying at 13.34 and Oversea-Chinese Banking Corp standing at 7.70. United Overseas Bank rose four cents to 17.20. Property stocks were up, with City Developments and Keppel Land advancing two cents apiece to 10.26 and 2.72, and CapitaLand gaining six cents to 4.15.
Singapore Telecommunications climbed seven cents to 3.17 while Singapore Airlines eased 12 cents to 14.08. Motor vehicle firm Jardine Cycle and Carriage fell 46 cents to 26.08 and oil rig maker Keppel Corp shed seven cents to 8.33.