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Singapore shares close up 0.2% on quiet trading

SHARE prices in the Singapore bourse rose modestly, with the key Straits Times Index finishing higher by 5.25 points or 0.15 per cent at 3,518.48 on Monday.

Some 1.29 billion shares worth S$885.5 million were done on Monday versus last Friday's turnover of 1.5 billion shares worth S$1.03 billion. Losers outpaced gainers with 222 counters down and 188 counters up.

Major US benchmarks ended little changed on Friday ahead of market closure on Monday for Memorial Day while political concerns over Italy and Spain weighed on markets in Europe.

It's a quiet start to the week with UK out for spring bank holiday while the Singapore market will be shut on Tuesday for Vesak Day.

Oil resumed its slide as the prospect of Opec and Russia easing supply curbs to counterbalance falling output from Venezuela and potential decline in Iranian exports have exposed the commodity to downside risks, said FXTM analyst Lukman Otunuga.

"Price action suggests that bulls may be struggling to find support from geopolitical risk factors. From the technical perspective, WTI Crude is at risk of sinking towards US$66 if bulls are unable to maintain control above US$68," said Mr Otunuga.

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