Singapore shares ease as Keppel in focus
sg.news.yahoo.com
Monday March 25, 1:53 PM
SINGAPORE (Reuters) - Singapore shares were weak by midday on Monday as investors cashed out on some recent gains while concerns crept up about corporate earnings.
"It's a normal pullback. Some of the blue chips are still inching up and there's some profit-taking in those recent top runners like Keppel Corp," said Najeeb Jarhom, director at Fraser-AMMB Research.
The key Straits Times Index was down just 0.13 percent or 2.41 points at 1,797.79. But in the broader market, losers outgunned gainers by 201 to 60 as volume shrank to 252 million shares from 310 million on Friday. "The market will be higher by the end of the week. It should be moving towards 1,820," said Jarhom, adding funds could buy to boost the market in order to "window-dress" their books at the end of the quarter.
Conglomerate Keppel Corp, which has gained some 11 percent in the past month, fell 3.7 percent to S$4.16.
Dealers said the latest fall was partly due to concern over the fate of its public offer to take private its unit, Keppel Telecommunications and Transportation, after details of a previously undisclosed loan emerged.
But Keppel Corp's property unit, Keppel Land, surged 5.41 percent to S$1.95. A dealer at a European brokerage said it may be due to investors switching out of Keppel Corp and buying into Keppel Land or even out of CapitaLand and into Keppel. |
