Singapore shares seen edging up

Singapore shares are expected to edge up slightly this week, in a slow build-up to a challenge of the 2,200-point resistance level, dealers said. Gains in blue chip stocks are likely to push the index higher, they said. Phillip Securities managing director Loh Hoon Sun said the Straits Times Index could attempt to break past 2,200 points in the next few weeks but any increase is not expected to be sharp.
"I think it will be toppish at 2,200 and don't expect a break-out in the short term," he said.
"The market will probably trade within a narrow band in the next few months before treading up to about 2,300 at the end of the year."
For the week ending June 3, the Straits Times Index closed at 2,192.67, up 37.97 points, or 1.76 percent, from the previous week.