Singapore shares reverse earlier losses
SINGAPORE, May 15 — Singapore shares inched higher by midday, reversing earlier losses on bargain hunting in oversold stocks such as Neptune Orient Lines , but gains were capped by worries over the political turmoil in Greece.
The benchmark Straits Times Index (STI) rose 0.2 per cent to 2870.58, rebounding from an intraday low of 2,850.61.
"The STI touched a key support level near 2,850, its 200-day moving average and rebounded from there. Some investors are looking for bargains in the blue chips, as the market could be slightly oversold," said Ng Kian Teck, lead analyst at SIAS Research.
Ng said he saw strong interest in defensive companies such as Singapore Telecommunications Ltd or those with visible and strong earnings like Keppel Corp.
SingTel was up 1.3 per cent at S$3.21 (RM7.87) and was the most actively traded stock, while rig builder Keppel Corp rose 1.8 per cent to S$10.27.
Container shipping firm NOL was the top gainer on the STI, rising 2.4 per cent to S$1.07, snapping four straight days of losses. NOL shares have lost nearly 5 per cent since the start of the year, underperforming the STI's 8.5 per cent gain over the same period. — Reuters