Singapore shares generally still thinly traded with investors content to stay on sidelines to await fresh leads after modest pullback in early trade, says Dow Jones.

Volume at around 800 million shares worth $660.9 million vs yesterday’s 1.93 billion shares worth $1.48 billion, with decliners outnumbering gainers by slight margin. STI off 0.4% at 3,023.48 but expected to end above 3,000.

 

“I am still bullish on stocks because of their undemanding P/E valuations and because I don’t believe we will have a double dip,” says NRA Capital chairman Kevin Scully, but notes volume remains thin, “which means that the jury is still out and many investors are sidelined.”

 

Telcos weak on prospect of increased competition as Singapore government intends to auction 3G spectrum on Nov 15, potentially paving way for new entrant in mobile telephony market; SingTel (Z74.SG) off 1.6% at $3.06, Starhub (CC3.SG) off 2.8% at $2.42, M1 (B2F.SG) off 1.3% at $2.23.