Singapore shares may move higher on property rebound

Singapore shares are seen trading higher on the back of renewed interest in the property sector as home prices rise, dealers said. The blue chip Straits Times Index closed at 2,715.34, up 7.22 points or 0.27 percent from the previous week.
Over the past week, average daily volume was 1.70 billion shares worth 1.35 billion Singapore dollars (971 million US) from 2.01 billion shares valued at 1.50 billion dollars the week before. Data released Friday by the government showed private residential home prices rose 15.8 percent in the third quarter ended September after four straight quarters of decline. "A cursory glance suggests property could potentially be a star performer in this current earnings season if rallies in key plays led by CapitaLand, City (Developments) and Keppel Land are any indication," said AmFraser Securities' head of retail research Najeeb Jarhom.