Singapore share prices closed 0.27 percent higher on Thursday on bargain hunting in selected blue chips, with surging oil prices dampening sentiment, dealers said. The Straits Times Index rose 6.05 points to settle at 2,284.4.
Volume was 947 million shares valued at 843 million Singapore dollars (443 million US), up from 754 million shares worth 739 million Singapore dollars on Wednesday.
Gainers led losers 248 to 216, while 873 stocks were unchanged.
"This could be just bargain-hunting, because valuations are still looking good," a dealer said. At the same time, analysts said market participants were cautious about the impact of rising oil prices on corporate profits.
Oil prices hovered around 68 US dollars a barrel in Asian trading hours and dealers said 70 dollars was within sight as a tropical storm threatened oil rigs in the Gulf of Mexico and refineries onshore.
Lower-than-expected gasoline inventory levels in the US heightened concerns over supplies and helped push prices higher, they added.
"With oil at above 67 dollars per barrel, this is likely to once again raise investors' concern over the impact on global economies and earnings of corporates," Carmen Lee, research manager at OCBC Investment Research, said.
Record-high crude prices however benefitted oil-related stocks, led by Keppel Corp, which added 10 cents to 12.20, while Jaya Holdings firmed three cents to 1.29.
Overseas-Chinese Banking Corp gained 10 cents to 6.30, while United Overseas Bank closed flat at 14.10. Top lender DBS fell 10 cents to 15.40.
Among blue chips, ST Engineering rose four cents to 2.58. Singapore Telecom added a cent to 2.64, while Singapore Press Holdings dipped six cents to 4.46. Singapore Airlines was unchanged at 11.90.
Among tech stocks, STATS ChipPAC rose two cents to 1.08, Creative Technology added 10 cents to 12.10 sgd, while Chartered Semiconductor shed two cents to 1.15.
In the property sector, Keppel Land edged higher by four cents to 3.40, while CapitaLand was off a cent to 2.86. Singapore Land was flat at 5.45 and City Developments closed 10 cents stronger at 8.95. UIC was unchanged at 1.06.
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