Singapore share prices closed 2.11 percent higher on Friday on a technical rebound after steep losses triggered by fears of credit-tightening measures in China, dealers said. The Straits Times Index closed up 69.39 points at 3,360.67 on volume of 4.11 billion shares worth 1.91 billion Singapore dollars (1.26 billion US).
Gainers beat losers 750 to 152, while 505 issues were unchanged. "The sell-off yesterday has given investors a good opportunity to hunt for bargains," a dealer with a local brokerage said. Shares on the Singapore bourse closed 3.21 percent lower Thursday on fears that China's rapid first quarter economic growth might prompt a further interest rate hike, dealers said.
Among blue chips, Singapore Telecommunications was up 0.10 at 3.42, Singapore Airlines rose 0.80 to 18.40, ST Engineering gained 0.06 to 3.54, and Singapore Press Holdings climbed 0.04 to 4.46. Banks were higher, with DBS Group Holdings up 0.30 at 21.90, United Overseas Bank up 0.10 at 21.20 and Oversea-Chinese Banking Corp up 0.20 at 9.50.
Property stocks also advanced. Keppel Land rose 0.10 to 8.40, CapitaLand climbed 0.20 to 8.25 and City Developments was up 0.50 at 15.50. Among technology stocks, Chartered Semiconductor was up 0.04 at 1.46, Venture Corp was up 0.80 at 15.40 and Creative Technology was up 0.10 at 9.30. Genting International rose 0.055 to 1.040 and Thai Beverage rose 0.005 to 0.270.
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