Singapore share prices are expected to move sideways this week amid the corporate earnings season as the market consolidates following a property-led rally, dealers said. "It looks like the market will just move sideways this week," said UOB Kay Hian dealing director Chan Tuck Sin said.
"There will be rotational buying among stocks that are in focus, especially those releasing corporate results. In the near term, the market should just hold above the 2,300 points-level."
For the week ending July 29, the Straits Times Index ended at 2,352.56, up 33.22 points or 1.4 percent from its close the week before.
Average daily volume for the week was 933 million shares worth some 1.05 billion Singapore dollars (635 million US) as index heavyweights began reporting quarterly results.
DBS and UOB's results for their second quarter to June were within market forecasts, while Singapore Airlines said net profit for the first quarter to June fell 7.9 percent year-on-year to 235 million dollars primarily due to the impact of high oil.
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