SINGAPORE - Singapore shares again drifted sideways yesterday, with the Straits Times Index closing a mere 4.33 points, or 0.13 per cent, lower at 3,338.63.
The market has been in the doldrums for weeks, given a lack of any strong cues and no clear signs from the United States Federal Reserve about when it might start raising interest rates.
Other regional bourses were also mostly lower. Sydney lost 0.6 per cent, Shanghai shed 0.35 per cent and Hong Kong sank 1.93 per cent. Tokyo was among the few gainers, up 0.25 per cent.
"Investors are shifting their focus towards the end of quantitative easing and the commencement of interest-rate hikes by the Fed," said Keith Poore, the head of investment strategy at AMP Capital Investors, in an interview with Bloomberg.
"If they tighten prematurely, the global economy could slide back into recession, but I don't think they would."
Thai Beverage was the top active at home, rising 2.5 cents to 73.5 cents on a turnover of 58 million shares.
The Singapore Exchange (SGX) had said in a report on Tuesday that the firm had delivered the best returns - 190.5 per cent - among all consumer-services stocks on the bourse over the past three years.
The SGX yesterday turned the spotlight on technology stocks. Its report said the five technology "pure plays" on the local bourse generated an average 12-month total return of 41.9 per cent.
Singapore lists more than 100 companies that report some form of revenue attributed to technology products or services, but only seven of these make up the FTSE ST Technology Index, of which five are considered technology pure plays.
The five are Silverlake Axis, which yesterday slipped a cent to $1.325, Stats ChipPAC, up 2.5 cents to 64.5 cents, CSE Global, down half a cent to 68 cents, Nera Telecommunications, which rose half a cent to 78.5 cents, and DMX Technologies, which last closed at 18.5 cents on Tuesday.
Golden Agri-Resources gained half a cent to 51.5 cents. DMG & Partners Research yesterday reiterated its "buy" call on the stock, but trimmed its target price from 64 cents to 57 cents.
"Golden Agri is going through a rough patch for its China business... but will likely endure it over disposing of the business due to the need to be in China for the long term," the brokerage wrote in a note.
"For its palm-oil downstream business, management expects its efforts in market development to start showing results next year."
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