Singapore share prices closed flat on Monday in subdued trading as profit-taking hit select blue chips and property stocks, dealers said. They said rotational interest in banks and small-caps provided some support to the index. The Straits Times Index (STI) closed up 2.14 points or 0.06 percent at 3,550.34 on volume of 3.67 billion shares worth 1.96 billion dollars (1.28 billion US).
Losers led gainers 438 to 349 with 726 issues unchanged. "We are seeing rotational plays but there is not much direction, and the market is in a consolidation phase," a dealer with a local brokerage said.
DBS Vickers Securities expects the STI to trade between 3,407 and 3,596 points in the coming weeks. "The anticipated correction is a healthy one as this will bring valuations down to more attractive levels," DBS retail market strategist, Yeo Kee Yan, said in a note to clients. "With blue chip valuations casting a shadow over the STI, focus is likely to continue to centre on second and third-liner plays in the weeks ahead," he added.
Property heavyweights were a key drag, with Keppel Land falling 0.10 to 8.65, City Developments declining 0.20 to 17.10, and CapitaLand losing 0.05 to 8.05. Singapore Telecommunications closed flat at 3.40, giving up earlier gains. Banks supported the index, with DBS rising 0.20 to 23.00, United Overseas Bank putting on 0.20 to 22.20, and Oversea-Chinese Banking Corp adding 0.10 to 9.25. Venture Corp shares rebounded to close up 0.20 at 15.90.
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