Singapore share prices closed 0.32 percent higher on Thursday as investors snapped up select blue chips on hopes of a year-end rally, dealers said. They said oil and gas plays helped move the index higher in early trade.
The Straits Times index added 7.49 points to 2,345.38 on volume of 621 million shares worth 484 million Singapore dollars (292 million US).
Gains led losers 372 to 152 while 620 stocks were flat.
"It seems like a year-end rally is starting," a dealer with a local brokerage said, adding that the momentum will likely be sustained heading into January.
US financial group Citigroup Smith Barney predicted in a report the Straits Times Index would touch the 2,600-point level in 2006 due to the city-state's robust economy.
Investor confidence was also boosted by hopes that Singapore's 2005 economic growth will exceed the official target of five percent after the manufacturing sector's better-than-expected display in November.
Output in November grew 22.4 percent year-on-year, well above market projections of 15.5-19.0 percent.
For the blue chips, Singapore Airlines rose 10 cents to 12.00 dollars, Singapore Press Holdings added six cents to 4.36 but Singapore Telecommunications eased two cents to 2.61.
In the tech sector, Chartered Semiconductor was up one cent at 1.31 dollars, Creative Technology gained 20 cents to 13.60 and Venture shed 10 cents to 13.70.
Among property stocks, City Developments firmed 25 cents to 8.70 dollars but CapitaLand fell two cents to 3.44 and Keppel Land was steady at 3.64.
Banking stocks were mostly flat with DBS steady at 16.50 dollars and United Overseas Bank stable at 14.80. Oversea-Chinese Banking Corp gained five cents to 6.65.
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