Singapore share prices closed up 0.34 percent on Wednesday following Wall Street's moderate advance overnight but they were off their highs as a fresh rise in oil trimmed the gains, dealers said.
The Straits Times Index was up 7.98 points at 2,341.79, well off the high of 2,357.78 on volume of 786.51 million shares worth 650.25 million Singapore dollars (408 million US). Gainers beat losers 280 to 214, with 699 stocks unchanged. Dealers noted that the local bourse remained volatile, with many investors choosing to stay on the sidelines due to the crisis in the Middle East.
"Investors are afraid of another spike in oil prices," a dealer with a local brokerage said, adding the market looked likely to continue in a 2,300-2,400 points range.
Among blue chips, Singapore Airlines advanced 0.20 dollars to 12.30 dollars on reports that it is looking at a possible strategic investment in China Eastern Airlines. Singapore Telecommunications and ST Engineering held steady at 2.43 and 2.66 respectively but Singapore Press Holdings fell 0.02 to 3.90. In the banks, DBS Group rose 0.20 to 17.20 and United Overseas Bank gained 0.20 to 15.20.
Oversea-Chinese Banking Corp fell 0.05 to 6.20.
Among techs, Chartered Semiconductor held steady at 1.29 but Creative Technology fell 0.10 to 8.50.
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