Singapore market slips 0.44 pct despite gains on Wall Street

08:39, March 29, 2011      

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Singapore shares fell on Monday, despite gains on Wall Street last Friday and signs showing that the U.S. economy was gaining strength.

SIAS Research said "the lethargic performance on Monday may be attributable to uncertainties - particularly from the Middle East and Europe regions."

Singapore's benchmark Straits Times Index closed down 13.46 points to 3,057.38 points. Trading volume was thin with only 909 million shares worth 996 million Singapore dollars. Decliners outnumbered advancers 285 to 157, while 889 stocks did not move.

Phillip Securities Research said "Clearing above the 3,050 points previous resistance level is a positive sign - Given how the Straits Times Index is trading, there could be upside in the short term until 3,110 points and 3,120 points."

Among top actives, Shares of Singapore-listed Chinese shipbuilder Cosco Corporation rose 2.5 percent to 2.06 Singapore dollars, after it said its unit had signed a letter of intent to build two rigs worth 1.05 billion US dollars for Norway's Sevan Group. CIMB Research said "we believe the sizable win will dispel investors' fears over potential shipbuilding order cancellations." The research house had increased the target price of the counter from 1.74 Singapore dollars to 2.38 Singapore dollars, and raised the rating from "trading sell" to "Neutral".

Singapore-based shopping mall developer CapitaMalls Asia closed 1.7 percent lower at 1.74 Singapore dollars. It said it is seeking a secondary listing in Hong Kong to bolster its expansion plans in China. The company, which is a unit of Singapore property developer CapitaLand, has submitted an application to the Hong Kong stock exchange.

Wilmar International, the world's largest listed palm oil firm, dropped 0.6 percent to 5.33 Singapore dollars. It was hurt by lower palm oil futures in Kuala Lumpur market on expectations of higher output and lackluster demand for palm oil in March.

Among top gainers, Jardine Cycle and Carriage rose 0.6 percent to 37.10 Singapore dollars, while Jardine Matheson was one of the top losers by falling 0.8 percent to 43.78 US dollars. (1 U.S. dollar equals 1.265 Singapore dollars)

Source: Xinhua
 
 
     
 
 
 
     
 
 
 
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