Singapore shares closed steady Monday in muted trading as investors wind down ahead of the Christmas and New Year holidays, dealers said. The blue chip Straits Times Index (STI) dropped 1.21 points or 0.04 percent to 2,799.54. Volume totalled 1.20 billion shares worth 1.10 billion Singapore dollars (797 million US) and there were 227 rising issues, 212 losers while 822 were flat.
"While our view for the STI to trend up stays unchanged, note that the depressed trading volumes of late continue to suggest a muted outlook in the near term," says DMG analyst James Lim. Flag carrier Singapore Airlines dropped four cents to 13.66 dollars and Singapore Telecommunications was steady at 3.02 and commodities trading firm Olam International was off four cents at 2.63. Oversea-Chinese Banking Corp put on one cent to 8.66, DBS Holdings was flat at 14.78 and United Overseas Bank dropped 12 cents to 19.68.