Singapore share prices closed 0.66 percent lower on Friday with profit-taking in blue chips and investors locking in gains following the recent record-breaking run, dealers said. They said the market was taking a breather following a record-breaking run this week allowing investors to consolidate positions ahead of the upcoming half-year corporate earnings reports starting next month.
The Straits Times Index fell 24.11 points to 3,615.38 on volume of 4.47 billion shares worth 2.73 billion Singapore dollars (1.78 billion US). Losers led gainers 467 to 368, with 669 stocks unchanged. "The market is lower on some profit-taking and it's the usual Friday pullback, nothing big," said a local brokerage dealer.
Blue chips dragged down the index, although gains in some property stocks helped provide support. Singapore Exchange, which has been leading the market's recent rally, succumbed to profit-taking, shedding 0.20 to 10.10. Shipbuilder COSCO Corp fell after gaining more than 16 percent this week, dropping 0.04 to 3.90.
ST Engineering was down 0.08 at 3.78, and Neptune Orient Lines dropped 0.05 to 5.15. Singapore Telecommunications was flat at 3.44 and Singapore Airlines was up 0.20 at 18.90.
Banking heavyweights also sagged on profit-taking, with DBS Group closing 0.20 lower at 23.70. United Overseas Bank declined 0.30 at 23.0 and Oversea-Chinese Banking Corp lost 0.10 at 9.35. Some property stocks bucked the broad market decline. City Developments rose 0.40 at 17.60 and Allgreen Properties climbed 0.14 at 2.25. CapitaLand however retreated 0.15 to 8.05.
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