SINGAPORE, Dec 3, 2007 (AFP) - Singapore share prices closed flat Monday, surrendering earlier gains made on hopes of another cut in United States interest rates, dealers said.
The main Straits Times Index gained 0.29 points to 3,521.56. Volume totalled 1.46 billion shares worth 2.22 billion Singapore dollars (1.54 billion US) and there were 325 rising issues, 421 losers and 926 issues were even.
The STI has surged over 150 points in the last two trading sessions as investors bet on the US Federal Reserve lowering interest rates again at its next meeting, dealers said.
However, trading volumes on Monday were smaller ahead of the year-end holidays hence the lack of momentum to follow through on the gains, they said.
"The volume was too thin, so there was no follow-up buying. That's why the index cannot sustain its rise," said Najeeb Jarhom, head of retail market research at Fraser Securities.
Among the banks, DBS Group added 30 cents to 20.40 dollars, United Overseas Bank was 10 cents up at 19.90 dollars while Oversea-Chinese Banking Corp eased five cents to 8.45 dollars.
For the blue chips, Singapore Airlines dropped 20 cents to 17.70 dollars, Singapore Telecommunications fell 12 cents to 3.76 dollars and Neptune Orient Lines surrendered 18 cents to 3.98 dollars.
In the property sector, CapitaLand was down five cents to 6.95 dollars, City Developments retreated 30 cents to 14.10 dollars and Keppel Land was flat at 7.50 dollars.
