Singapore shares close higher

Singapore share prices closed 0.35 percent higher Tuesday as blue chips United Overseas Bank (UOB) and ST Engineering posted modest rebounds following recent declines, dealers said. The Straits Times Index closed up 7.13 points at 2.058.12, while the broader All-Singapore Equities index rose 1.94 points to close at 528.55. Volume was 632 million shares worth 383 million Singapore dollars (233 million US), down from 790 million shares worth 383 million dollars on Monday.
Gainers outnumbered decliners 250 to 140 with 524 stocks unchanged.
"The index was mainly lifted by some of the blue chips but trading is going to remain light as the year-end approaches," a dealer at a local brokerage said.
Kim Eng Securities unit, Kelive, said in a report that market interest going forward is likely to be focused on small cap stocks.
"We continue to advocate the accumulation of small cap counters to position for the coming New Year," the report said.
Dealers said there was no apparent impact from Sunday's earthquakes and the resulting devastation to coastal areas around the region, noting that most markets in the area finished firmer, including Jakarta which hit record highs.
They said while the damage will be considerable, there is no indication as yet that any major infrastructure had been hit and the economic impact looks as if it will be relatively limited.
Among blue chips, ST Engineering rose three cents to 2.30 dollars, Singapore Telecommunications was flat at 2.37 and Singapore Press Holdings remained stable at 4.56. Singapore Airlines was unchanged at 11.50, with investors waiting to see how Sunday's disaster will impact travel in the region over the medium term.
Among banking stocks, UOB gained 10 cents to 13.70, Oversea-Chinese Bank Corp was flat at 13.70 and DBS rose 10 cents to 16.00.
DBS declined to comment on media reports that it was looking at acquiring a strategic stake in Malaysia's fifth largest lender AMMB Holdings.
Technology stocks were mostly higher with Chartered Semiconductors up 1.5 cents to 97.5 cents, Venture Corp flat at 15.70 and Creative Technology climbing 20 cents to close at 23.30.
Property stocks were higher with Keppel Land rising one cent to 2.20, CapitaLand gaining one cent to 2.17 and City Developments up 10 cents to 7.05.