Singapore share prices closed at a record high for the second straight session, closing 1.01 percent higher on Friday on expectations of strong corporate earnings, dealers said. The main Straits Times Index finished 35.12 points up at 3,485.76, off a new intraday record high of 3,500.20 touched earlier Friday.
Volumes totalled 3.79 billion shares worth 2.35 billion Singapore dollars (1.55 billion US) with 452 rising issues, 375 losers and 591 issues steady. The upbeat mood was set when DBS Group, Southeast Asia's largest bank, announced earlier Friday first quarter net profit rose 19 percent to 617 million dollars on higher interest and fee income, dealers said.
"Right now, I guess all the earnings are coming in nicely for the first quarter and I think the earnings picture still looks good at the moment," said UOB KayHian analyst Yang Sy Jian.
Flag carrier Singapore Airlines, United Overseas Bank and Singapore Telecommunications are expected to release their earnings results in the week ahead. DBS led the way, closing 0.60 higher at 22.80, United Overseas Bank gained 0.70 to 23.10 and Oversea-Chinese Banking Corp up rose 0.10 at 9.45.
For the property sector, Keppel Land gained 0.15 to 9.35, City Developments advanced 0.90 to 17.70 and CapitaLand put on 0.05 to 8.55. Blue chips were with Singapore Airlines up 0.20 to 18.60, Singapore Telecommunications fell 0.02 to 3.42 and ST Engineering slipped 0.02 to 3.62.
Technology stocks were lower, with Chartered Semiconductor down 0.03 at 1.35, Creative Technology lost 0.25 at 8.90 and Venture Corp losing 0.40 to 15.90.
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