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Friday, May 23, 2008
STI +0.4% Midday As Oil Price Eases; 3200 Cap
[Dow Jones] Singapore shares struggle to make meaningful gains in largely directionless session, although slight retreat in oil prices helping STI stay in positive territory. Benchmark +0.4% at 3174.72 midday, after being stuck in tight 18-point range for most part of morning. Resistance remains at 3200, with any pullback possibly capped at 3130 (April 8 close). "The market is lackluster. Traders are walking around already. They''re not going to do anything much. Better go have a nice beer this evening and start afresh next week," says trader at bank-backed brokerage. CapitaMall Trust (C38U.SG) top loser on STI, down 4.6% at S$3.35 on move to buy office-cum-retail complex in Singapore, to be partly funded by S$650 million convertible bond sale; investors may be put off by exercise''s low yield of 2.75%, REIT''s high gearing. Overall market volume modest. (
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