Singapore share prices closed 0.41 percent lower on Wednesday as investors consolidated positions in the absence of fresh domestic leads, dealers said. They said that with valuations already looking expensive, investors were reluctant to buy blue chips. The Straits Times Index closed 14.58 points lower at 3,554.85 on volume of 4.08 billion shares worth 2.67 billion dollars (1.75 billion US).
Rising issues led decliners 418 to 384 with 704 unchanged. "We are likely to consolidate ahead of the end-June quarterly earnings reporting season," a dealer with a local brokerage said. Banking and property stocks, which led a recent rally, succumbed to profit-taking.
DBS Group fell 0.30 to 22.70, Oversea-Chinese Banking Corp was off 0.15 at 9.15 and United Overseas Bank dropped 0.20 to 22.00. City Developments declined 0.20 to 17.30, CapitaLand eased 0.05 to 8.00 and Keppel Land was 0.10 lower at 8.55. Singapore Airlines closed up 0.40 at 19.40 after soaring to a record high of 19.50 dollars in late afternoon trade.
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