Singapore shares soar

Singapore share prices closed 1.29 percent higher on Tuesday on hopes the government will unveil new business-friendly policies on the city-state's 39th anniversary next week, dealers said.
They said investors were buying blue chips as they expected the government to announce some positive news during Singapore's national day celebrations on Monday.
The Straits Times index gained 24.39 points to finish above the key 1,900-point level at 1,911.80 and the All-Singapore Equities index was 5.02 points higher at 499.71.
Volume totalled 649.73 million shares worth 802.85 million Singapore dollars (472.26 million US), up from 370.79 million worth 396.80 million dollars on Monday.
"Other than that (anniversary), I don't think there are other reasons," a dealer at a local brokerage said.
There were 235 gainers, 97 decliners and 340 issues unchanged.
The city-state's leading blue chip stocks closed firmer led by DBS Group, up 30 cents at 15.90.
Investors remained bullish on DBS after the lender, Southeast Asia's largest by assets, announced last week net profit in the June quarter almost quadrupled to 847 million dollars.
Rival lender United Overseas Bank also closed firmer, up 20 cents at 13.80, after reporting similarly stellar June quarter results last week.
Singapore Telecommunications, the local dominant phone firm, finished one cent higher at 2.29 and publishing firm Singapore Press Holdings was two cents up at 4.36.
National carrier Singapore Airlines added 20 cents to close at 10.90.
Investors were also upbeat on Creative Technology, pushing the stock 40 cents higher to 17.50 ahead of its full year earnings results due out on Wednesday.
Analysts are projecting the digital entertainment maker to turn in a net profit of 133.43-135.02 million US dollars in the year to June, up from 23.38 million US dollars in the previous financial year.
Other technology stocks were also up. Contract chip maker Chartered Semiconductor was three cents higher at 1.07 and contract electronics maker Venture Corp was 20 cents stronger at 16.40.
Neptune Orient Lines (NOL) rose 24 cents to 2.70, hitting a fresh 52-week high, on rising confidence that growth in the shipping industry will be sustained for the rest of the year, dealers said.
Positive sentiment in NOL influenced other shipping-related stocks such as commodities trader Noble Group, which closed up 4.5 cents at 1.03.