Initial interest in Singapore shares dissipates by midday as investors opt to cash out, await better entry levels, according to Dow Jones.
Market breadth negative at just over 1.5 decliners for every gainer vs slight positive bias in early trade. STI off 0.5% 2,921.84, with support still at 2,900.
AmFraser Securities strategist Najeeb Jarhom expects more downside in near term: “With no bullish impetus foreseen in coming weeks till the next reporting season in late October to November, fund managers may either leave their portfolios untouched or more likely lighten in anticipation of unforeseen events.”
Notable decliners among STI components include Golden Agri-Resources (E5H.SG), off 1.8% at $0.545, Jardine C&C (C07.SG), off 1.9% at $32.36, Noble Group (N21.SG), off 1.8% at $1.60, Singapore Airlines (C6L.SG), off 1.2% at $15.42. Overall market volume thin at 628.3 million shares worth $544.7 million.
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