Singapore shares break 2,800 in another new record close

Singapore share prices broke through the key 2,800 point level on Friday to close at a record high for a fourth straight day amid buying in select blue chips and tech stocks, dealers said.
They said the market was also aided by a fresh Wall Street peak struck after the release of tame US inflation data indicating the United States Federal Reserve may move to cut interest rates sooner rather than later.
The Straits Times Index closed 14.73 points or 0.53 percent higher at 2,813.18, exceeding the previous record of 2,798.45 set Thursday. Volume was 1.52 billion shares worth 1.33 billion Singapore dollars (852 million US), with 352 advancing issues, 297 falling, and 677 issues even.
While noting gains in technology stocks, dealers said the tame US inflation report and a plunge in oil prices helped underpin the market's rise. The United States Labour Department said its consumer price index (CPI) fell 0.5 percent in October on a sharp drop in energy costs. Excluding volatile food and energy costs, "core" prices increased 0.1 percent for the month.
Global crude prices plunged in Asian trade to their lowest level in 17 months Friday before recovering slightly in a market worried about oversupply, dealers said.
"The developments with respect to inflation, housing and construction in the US do suggest that interest rates there may have to start coming down next year," Phillip Securities senior dealing director Gabriel Yap said.
Among tech stocks, Chartered Semiconductor gained 0.03 to 1.31, STATS ChipPAC rose 0.05 to 1.11, Memory Devices rose 0.02 to 0.35 and Global Testing was up 0.005 at 0.245. All were on the list of top volume gainers.
Blue chips also lifted the index, with Singapore Telecommunications up 0.05 at a 52-week high of 2.95. Singapore Airlines rose 0.30 to 16.00 and ST Engineering gained 0.02 to 3.06.
Property heavyweights were flat to weaker, with Keppel Land and CapitaLand unchanged at 6.30 and 6.05, respectively. City Developments Ltd gained 0.50 to end at a 52-week high of 12.50, buoyed by the launch of its latest freehold residential project. Banks were flat to weaker, with United Overseas Bank unchanged at 18.50, Oversea-Chinese Banking Corp steady at 7.40, and DBS Group up 0.20 at 20.80.