Singapore share prices closed 0.97 percent lower on Monday on continued profit-taking in selected blue chips, dealers said. The Straits Times Index closed down 35.05 points at 3,580.33 on volume of 4.88 billion shares worth 2.64 billion dollars (1.71 billion US).
Losers led gainers 556 to 318 with 635 shares unchanged. "The index is lower just because the banks and blue chips are down but the smaller counters are quite active. The broader market is still strong," one local brokerage dealer, who declined to be named, said.
He noted that the main index may get a boost at the end of this week from end-of-month window dressing. At the same time prices are likely to trade in narrow ranges early in the week as investors exercise caution ahead of the two-day US Federal Open Market Committee (FOMC) meeting, beginning Wednesday, and the release of local manufacturing data.
Profit-taking pressured blue chips as Neptune Orient Lines dropped 0.15 to 5.0, SembCorp Industries fell 0.25 to 5.65, and COSCO Corp (Singapore) slid 0.12 to 3.78. Banking stocks also fell, with DBS down 0.30 at 23.40, Oversea-Chinese Banking Corp falling 0.10 to 9.25 and United Overseas Bank down 0.20 at 22.80. Keppel Corp bucked the downtrend, rising 0.30 to 12.60.