Singapore share prices closed 0.54 percent higher on Monday on a technical rebound as investors sought bargains among blue chips stocks after recent declines, dealers said. The Straits Times Index gained 11.57 points to 2,166.12 while the All-Singapore Equities index rose 4.35 points to 559.04. Volume totalled 769 million shares worth 718 million Singapore dollars (440 million US), from 843 million shares worth 749 million dollars on Friday.
There were 301 rising stocks, 158 decliners and 438 stocks were steady.
"The market is currently on a short-term technical rebound, and it looks like it will continue until the end of the week," a dealer at a local brokerage said.
Neptune Orient Lines was among the top gainers, closing 14 Singapore cents higher at 4.20 Singapore dollars amid speculation that state investment firm Temasek Holdings would up its holdings in the shipping firm.
ST Engineering also finished firmer by adding one cent to 2.42, Singapore Airlines closed up 30 cents to 12.40 and Singapore Telecommunications was three cents higher at 2.66.
Publishing group Singapore Press Holdings was eight cents lower at 4.52.
In the banking sector, DBS and United Overseas Bank finished flat at 15.00 and 13.90 respectively, while Oversea-Chinese Banking Corp was 10 cents up at 13.90.
Technology stocks were higher with Venture up 40 cents at 14.50, Chartered rising two cents to 1.07 and Datacraft four US cents higher at 1.12 US dollars. Creative Technology, however, fell 10 cents to 18.80.
Property stocks were mixed with CapitaLand up three cents to 2.51, Keppel Land down two cents at 2.59 and City Developments unchanged at 6.70.
Aside from interest in blue chips, investors were also buying smaller-capitalised stocks as these were deemed to be under-valued, dealers said.
These included FibreChem, which gained five cents to 76.5 cents, Beauty China, up eight cents to 1.03, and People's Food, six cents higher at 1.25.
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