Singapore shares closed slightly lower at midday on Friday as investors took some profits following three consecutive sessions of gains.
Investors were cautious after Merrill Lynch (nyse: MER - news - people ) posted a bigger-than-expected loss of S$2.14 billion
in the first quarter and announced 3,000 more job cuts. Rival Citigroup (nyse: C - news - people ) will report its quarterly
results Friday.
'As long as Citigroup's results will not be substantially below expectation, the market is likely to take any disappointment calmly,' Westcomb Securities research head Goh Mou Lih said in a note.
The benchmark Straits Times Index was down 14.86 points or 0.5 percent at 3,111.44.
Decliners outnumbered gainers 255 to 187 with 1,141 st
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