Singapore shares up

Singapore share prices closed 1.07 percent higher on Wednesday as worries about inflation eased, dealers said. The blue chip Straits Times Index was 31.00 points firmer at 2,917.62. Volume totalled 1.14 billion shares worth 1.31 billion Singapore dollars (963 million US). Rising shares outpaced losers 331 to 216, while 853 stocks were steady.
"Oil and commodity prices have topped out for now. An easing of inflation worries bodes well for equities," DBS Vickers brokerage said. However, investors remain concerned over company earnings reports for the second quarter, which should limit sharp rises in the stock market, dealers said.
Local property developers were higher, with CapitaLand four cents firmer at 5.82 Singapore dollars, City Developments up 28 cents to 11.28 and Keppel Land 10 cents higher at 4.80. DBS bank gained 36 cents to 18.84, United Overseas Bank was 16 cents higher at 18.54 and Oversea-Chinese Banking Corp added 10 cents to 8.07. Singapore Airlines put on 52 cents to 14.88, Singapore Telecommunications edged up one cent to 3.52 and Neptune Orient Lines firmed seven cents to 3.05.