Singapore shares ended almost flat with 0.02 percent up, as investors took cue from a weak German bond sale that exacerbated fears over the eurozone debt crisis.
CIMB Research said, "We continue to stick to our short term target of 2,658 points but we would be on a lookout for a reversal, at least in the short term. The next support is at 2,600 points," adding that "2,750 points and 2,770 points levels would be the near term resistance to beat."
Singapore's benchmark Straits Times Index inched up 0.58 points to 2,677.15 points. Trading volume was thin at 991.8 million shares worth 927.2 million Singapore dollars. Decliners outnumbered advancers 196 to 144, while 446 stocks did not move.
Among top actives, Neptune Orient Lines inched up 2 percent to 1.025 Singapore dollars. Samsung Securities Research rated it "Buy " with target price of 1.50 Singapore dollars, saying that its fleet replacement program and capacity flexibility should drive unit cost base down by around 15 percent. The Korean research house added that Neptune Orient Lines' logistics operations should also be able to expand its revenue contribution.
Singapore Exchange gained 0.3 percent to 6.06 Singapore dollars. India Infoline downgraded Asia's second-largest listed bourse to " Sell" and cut its target price to 5.44 Singapore dollars from 6.12 Singapore dollars. The Indian research house had cut its net profit estimate for Singapore Exchange by 7 percent for financial year 2012 and 2 percent for financial year 2013 to reflect a decline in securities volume, saying that "gloomy outlook for global and Asian stock markets continues to weigh down on Singapore Exchange securities turnover."
Lian Beng Group ended flat at 34.5 Singapore cents. OCBC Investment Research has raised the target price for Singapore construction firm to 55 Singapore cents from 51 Singapore cents and rating it "Buy". The research house raised its earnings estimates for Lian Beng in 2012 by 8 percent and 17 percent for 2013, to account for strong sales in its industrial property development.
Hisaka surged 5 percent to 42 Singapore cents, although the manufacturing firm said its net profit for the full year fell 30.5 percent to 6.4 million Singapore dollars, partly due to a fall in revenue as a result of a slowdown in global manufacturing in the second half of the year.
Among top gainers, Jardine Cycle and Carriage rose 2.4 percent to 45.20 Singapore dollars, while City Development became one of the top losers by falling 2.4 percent to 9.36 Singapore dollars. ( 1 U.S. dollar equals to 1.30 Singapore dollars)
