Shares in Singapore
closed little changed on Friday, giving up gains from earlier in the day as
investors remained jittery about the sovereign debt crisis in Europe
and didn't want to take fresh positions going into the weekend.
The 30-share Straits Times Index closed 0.91 points, or 0.03%, higher at 3,060.34 after touching as high as 3,073.08. The benchmark slipped into the red briefly. The STI finished the week with a 0.6% loss as enthusiasm about central banks injecting life into the world economy waned and concerns about some European nations' ability to push bitter reform measures came back to haunt markets.
Volumes were lower at 1.57 billion compared with 2.07 billion on Thursday and gainers edged out decliners 230 to 209.
"It is still too early to tell if this is but a minor relief rally in a larger down-move, or if the decline is indeed over and markets are reverting back to risk-on again," Maybank analysts said in a note. The benchmark shares likely lack the momentum to push the index out of its recent 3046-3088 band, especially as the weekend kept players from taking firm positions.
Relatively safer stocks, whose businesses are less affected by the global economy, were among the prominent gainers. Investors also like these companies because of their regular dividend payments.
ComfortDelGro was the top performer on the STI and the transport operator closed 2.4% higher at S$1.715. Singapore Technologies Engineering was the second best performing stock, up 2.0% at S$3.54. Mobile operator StarHub rose 1.4% to S$3.72.
Fraser & Neave closed little changed after its shareholders agreed, as expected, to sell their stake in a beer joint venture to Heineken for about $4.6 billion, ending a two-month takeover saga. Shares shed 0.1% to S$8.88.
Cyclical stocks, those most exposed to the global economic environment, had fewer takers. Golden Agri-Resources shed 0.8% to S$0.660 while Noble Group was off 0.4% at S$1.325. GentingSingapore
The 30-share Straits Times Index closed 0.91 points, or 0.03%, higher at 3,060.34 after touching as high as 3,073.08. The benchmark slipped into the red briefly. The STI finished the week with a 0.6% loss as enthusiasm about central banks injecting life into the world economy waned and concerns about some European nations' ability to push bitter reform measures came back to haunt markets.
Volumes were lower at 1.57 billion compared with 2.07 billion on Thursday and gainers edged out decliners 230 to 209.
"It is still too early to tell if this is but a minor relief rally in a larger down-move, or if the decline is indeed over and markets are reverting back to risk-on again," Maybank analysts said in a note. The benchmark shares likely lack the momentum to push the index out of its recent 3046-3088 band, especially as the weekend kept players from taking firm positions.
Relatively safer stocks, whose businesses are less affected by the global economy, were among the prominent gainers. Investors also like these companies because of their regular dividend payments.
ComfortDelGro was the top performer on the STI and the transport operator closed 2.4% higher at S$1.715. Singapore Technologies Engineering was the second best performing stock, up 2.0% at S$3.54. Mobile operator StarHub rose 1.4% to S$3.72.
Fraser & Neave closed little changed after its shareholders agreed, as expected, to sell their stake in a beer joint venture to Heineken for about $4.6 billion, ending a two-month takeover saga. Shares shed 0.1% to S$8.88.
Cyclical stocks, those most exposed to the global economic environment, had fewer takers. Golden Agri-Resources shed 0.8% to S$0.660 while Noble Group was off 0.4% at S$1.325. Genting
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