Singapore shares closed 3.83 percent higher on Tuesday in line with major Asian bourses amid renewed hopes for a recovery from the global downturn. The blue chip Straits Times Index added 83.38 points to end at 2,260.36 on volume of 2.52 billion shares worth 2.18 billion Singapore dollars (1.49 billion US). Gainers outnumbered losers 476 to 122, with 626 issues unchanged.
"We say be not afraid, be truly bullish. Enjoy the rally that is going to come," CIMB Securities said in a research note. "We believe that it is too early to turn cautious and sell out, we would be buyers on any pullback, at levels around 2,000."
Banking shares closed higher. DBS soared 80 cents to 12.50, Oversea-Chinese Banking Corp gained 18 cents to 7.38 and United Overseas Bank rose 48 cents to 14.88. Among property shares, CapitaLand advanced 30 cents to 3.41, City Developments climbed 42 cents to 8.20 and Keppel Land inched up six cents to 2.00.
Singapore Airlines rose 26 cents to 12.24 and Singapore Telecommunications ended six cents higher at 3.04. Beverage maker Fraser and Neave climbed 29 cents to 3.74 and agricultural products supplier Olam International closed 13 cents higher at 1.93.
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