Singapore share prices closed 0.17 percent higher on Wednesday, led by gains in technology stocks, dealers said. They said the sector rebounded following Tuesday's sell-down but the market remained in a year-end lull. The Straits Times Index rose 3.95 points to 2,332.67.
Volume traded was 686 million shares valued at 534 million Singapore dollars (322 million US dollars). Gainers outpaced losers 244 to 210, with 702 stocks unchanged.
"Nothing much is happening," said Chan Tuck Sing, dealing director at United Overseas Bank Kay Hian. He attributed the lack of activity to the year-end lull in activities when companies close their books.
However, the technology sector helped the STI stay in positive territory led by heavyweights including Chartered Semiconductor, which gained 0.03 to 1.19. Creative Technology added 0.20 to 13.60 and STATS ChipPAC rose 0.02 to 1.07.
Dealers said the market was inclined toward stocks paying high dividends.
"It's the year end and people are looking for high-dividend-yield stocks," said a dealer with a local brokerage.
Blue chip stocks fared well with ST Engineering adding 0.03 to 2.81, Singapore Airlines rising 0.10 to 11.90 and Singapore Press Holdings edging up 0.04 to 4.28. Singapore Telecommunications remained flat at 2.64.
The property sector closed mixed with CapitaLand adding 0.06 to 3.44, Keppel Land unchanged at 3.68 and City Developments shedding 0.2 at 8.60.
Banking stocks ended the day mostly higher, with Oversea-China Banking Corp up 0.05 at 6.60, United Overseas Bank up 0.1 at 14.70 and DBS dropping 0.10 to 16.20.
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