Singapore shares mixed in early trade on lack of institutional interest

Singapore shares mixed in early trade on lack of institutional interest - UPDATE

	Published : Mon, 31 Dec 2007 02:40 By : Agencies Print this Story

SINGAPORE (Thomson Financial) - Singapore shares were mixed in early Monday trade on a continuing lack of institutional buying interest and Wall Street's lackluster performance on Friday.

Wall Street closed mixed on Friday after a decline in new US home sales reinforced concerns that a weak housing market will continue to hound the economy in 2008.

At 9.40 am (0140 GMT), the Straits Times Index was down 4.07 points or 0.10 percent at 3,441.31, off a low of 3,424.48 and a high of 3,447.48.

Trading volume was 302 million shares valued at 866 million Singapore dollars.

Gainers outnumbered decliners 161 to 142 with 1,427 stocks unchanged.

Trading volumes are expected to remain thin today with most investors away on holiday because of the shortened trading week.

The Singapore market will trade for a half-day today and will be closed tomorrow for the New Year holiday.

'This lackluster trading may carry forward into the New Year,' said Najeeb Jarhom, head of research for retail clients at Fraser Securities.

The Singapore market still offers good buying opportunities considering that it has gained only 15 percent so far this year.

But Jarhom said he does not see any strong catalyst at this stage to encourage buying.

Banking shares were mixed, with DBS Group up 0.02 cents at 20.74 dollars and United Overseas Bank down 6 cents at 19.66 dollars.

Among the blue chips, Singapore Telecommunications Ltd was up 3 cents at 3.95 dollars, while Singapore Airlines was down 6 cents at 17.04 dollars.

Property stocks were weaker, with CapitaLand down 1 cent at 6.20 dollars and City Developments down 6 cents at 13.92 dollars.

(1 US dollar = 1.44 Singapore dollars)

jonathan.burgos@thomson.com

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Singapore shares mixed in early trade on lack of institutional interest - UPDATE