STI drops 0.1%, or 3.01 points, at 3,022.83 by midday

Singapore shares were flat by midday, weighed down by telecommunications firm StarHub, as investors took some profits after the benchmark index hit its highest level this year earlier on Friday.  

 

StarHub was the top loser on the Straits Times Index, falling 1.6%, as defensive plays such as telcos and utilities were less favoured as investors perceived a riskier environment.

 

By 12:51 p.m., the STI was down 0.1%, or 3.01 points, at 3,022.83. It earlier hit a high of 3,035.78 - also the highest level seen this year.