Market Summary 2nd weeks of February 2012

Singapore shares closed lower for the second consecutive day on Friday as worries about sovereign debt troubles in Greece resurfaced and investors moved to lock in profits on property and commodity-linked shares. After a positive start, the 30-share Straits Times Index moved to close 0.7%, or 21.17 points, lower at 2,960.00 but off the intraday low of 2,954.56. Still, the benchmark index has gained 1.4% in the week.
Some analysts attributed the decline to a correction after recent market gains. "The markets are pausing for a breather," said Yeo Kee Yan, a market strategist at DBS Vickers. After the recent rally, "stocks are a bit overbought technically," he said, adding that investors are waiting for corporate earnings for fresh cues.
Losers outnumbered gainers 313 to 171. Trading volume was lower at 3.07 billion shares that changed hands, compared with 3.26 billion on Thursday.
Although Greece took steps Thursday to avoid a debt default, euro-zone finance ministers have withheld bailout approval, saying Greece's parliament must approve the new policies before the European Union can back the deal.
Shares of property developers and commodity suppliers, which were among the biggest gainers in recent sessions, closed lower on Friday. CapitaLand was the worst performer, losing 3.1% to close at S$2.86, while Global Logistic Properties shed 2.5% to end the day at S$1.95. CapitaMalls Asia was off 2%, closing at S$1.48, while City Developments was down 1.6% at S$10.74.
Olam International, which Thursday evening announced it purchased a Nigerian biscuit maker Titanium Holding Company SA for US$167 million, closed 2.9% lower at S$2.64 on weak market sentiment. Wilmar International was down 2.1% at S$5.58 while Golden-Agri Resources closed 1.3% lower at S$0.775 on profit-taking.
However, Noble Group gained 0.3% to close at S$1.475 as the commodities supplier likely continued to attract investor interest after naming a new chief executive this week.
DBS Group Holdings closed unchanged at S$13.55 after reporting a better-than-expected 8% on-year rise in net profit in the fourth quarter Friday, as many investors remained on the sidelines due to the lackluster outlook for the banking industry.
Singapore Telecommunications, which is considered to be a safer stock in times of market stress, added 0.3% to S$3.07.

Greece sovereign debt and middle east unrest resurface, will last year trend return? Rally at first quarter and went down to 2600 at third quarter of the year. It is advisable to trade with extra cautious now, thinkig to sell rather then buy at current atmopshere. Try to lock in profit as you can but not force selling. USA economic indicators annouces at next week will give us some glues on shares movement. If delivers positive result, it should able to push the shares index higher; if it is a disappointing news, serious shares dumping will be expected.