Singapore's shares
ended the week on a negative note, on profit-taking spurred by continued
worries over Cyprus' failure to cobble together a bailout deal.
The 30-share Straits Times Index ended Friday down 9.08 points, or 0.3%, at 3258.57 after spending much of the session wavering between positive and negative territories. For the week, the index was down 0.8%.
"It's going to continue to be stuck in a range until close to the next reporting season," which is in late April and May, said Roger Tan, CEO at SIAS Research. "Some profit-taking is taking place while investors look for a more attractive re-entry point," he said. "Europe will continue to be an excuse for investors to either take profit off the table or wait for markets to go down lower to buy." "The Cyprus issues just show European woes are not over. It's more stable but it's not over. But because fundamentals are still okay for the rest of the world, I think markets will still go up the rest of the year," Mr. Tan added.
Volume traded was 5.52 billion shares valued at S$1.41 billion. In the broader market, gainers outnumbered losers 1.4 to one.
Index heavyweight SingTel slid 1.4% to S$3.55, retracing some of Thursday's 3.5% gain.
Genting Hong Kong ended flat at US$0.455 after reporting 2012 net profit rose 8.9% from a year earlier to US$198.4 million. CIMB said the results of Genting Hong Kong's three units, Star Cruises, Resorts World Manila and Norwegian Cruise Lines, were in line with its expectations operationally, but lower than expected interest costs boosted the bottom line above its expectations.
The 30-share Straits Times Index ended Friday down 9.08 points, or 0.3%, at 3258.57 after spending much of the session wavering between positive and negative territories. For the week, the index was down 0.8%.
"It's going to continue to be stuck in a range until close to the next reporting season," which is in late April and May, said Roger Tan, CEO at SIAS Research. "Some profit-taking is taking place while investors look for a more attractive re-entry point," he said. "Europe will continue to be an excuse for investors to either take profit off the table or wait for markets to go down lower to buy." "The Cyprus issues just show European woes are not over. It's more stable but it's not over. But because fundamentals are still okay for the rest of the world, I think markets will still go up the rest of the year," Mr. Tan added.
Volume traded was 5.52 billion shares valued at S$1.41 billion. In the broader market, gainers outnumbered losers 1.4 to one.
Index heavyweight SingTel slid 1.4% to S$3.55, retracing some of Thursday's 3.5% gain.
Genting Hong Kong ended flat at US$0.455 after reporting 2012 net profit rose 8.9% from a year earlier to US$198.4 million. CIMB said the results of Genting Hong Kong's three units, Star Cruises, Resorts World Manila and Norwegian Cruise Lines, were in line with its expectations operationally, but lower than expected interest costs boosted the bottom line above its expectations.
No comments:
Post a Comment