Singapore shares were little changed for a second straight day on Friday amid mixed fortunes of their regional peers as investors digested a mixed bag of earnings reports and economic data.
The 30-share Straits Times Index closed 0.11 points higher at 2,981.58. The benchmark started on a positive note before slipping into the red and finally recouping its losses in the closing minutes of trade as investors were likely unsure of the direction the global economy and markets would take and traders were unwilling to build fresh positions. On Friday, 3.34 billion shares changed hands, compared with 3.58 billion on Thursday and losers outnumbered gainers 310 to 121. The benchmark index ended the week with a 0.4% loss. Analysts said that the index is likely to remain confined in a narrow range next week as interest may be damped by a holiday that will cut trading days to four. Banks were among prominent gainers on Friday after DBS Group Holdings, southeast Asia's biggest bank by assets surprised markets with a record quarterly net profit. DBS gained 2.0% to close at S$14.00 after it posted a 16% on-year rise in first-quarter net profit at S$933 million, much higher than the average estimate of S$770 million from five analysts polled by Dow Jones Newswires. United Overseas Bank topped the gainers on the STI to close 2.3% higher at S$19.00 while Oversea-Chinese Banking Corp. was flat at S$8.95. Real estate firms and shares of some companies that are sensitive to the global risk environment were among the losers on Friday. City Developments was the worst performer, closing the day with a 1.6% loss at S$10.28 as the uncertain global economic environment is likely to keep buyers nervous. CapitaMalls Asia shed 1.3% to close at S$1.535 while CapitaMall Trust was down 1.1% at S$1.82. Singapore Telecommunications was down 1.3% to S$3.10 at close after the biggest local company by market capitalization announced that it sold its 3.98% stake in Taiwan's Far EasTone Telecommunications, raising approximately NT$8.03 billion (S$339 million).
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