Singapore share prices rose 3.1 percent on Friday on bargain hunting as investors' confidence improved after Wall Street's rebound overnight, dealers said.
They said the rally followed recent volatile trade on concerns over the US interest rate outlook but the markets may not yet be in the clear as investors wait to see exactly what the US central bank does later this month.
Markets were firmer across Asia, as less hawkish remarks by US Federal Reserve chairman Ben Bernanke helped ease some of fears of a hike in US interest rates.
The Straits Times Index closed up 71.48 pointts to 2,373.91. Volume traded totalled 1.15 billion shares worth 1.23 billion Singapore dollars (773.6 million US).
Gainers outpaced losers 596 to 90 with 538 issues unchanged.
"Selling seems to be over ... but we are uncertain whether this rebound can be sustained," said dealer with a local brokerage.
Blue chips fared well with Singapore Airlines up 40 cents to 12.90 after the company reported Thursday that its overall load factor in May increased to 64.6 percent from 62.8 percent last year.
Singapore Telecommunications rose 13 cents to 2.54, ST Engineering gained 10 cents to 2.77 and Singapore Press Holdings rose eight cents to 4.02. In the technology sector, Chartered Semiconductor was up five cents at 1.41, STATS ChipPAC rose 5.5 cents to 98.5 cents and Creative Technology climbed 25 cents to 8.35.
Property stock CapitaLand climbed 26 cents to 4.42, Keppel Land advanced 22 cents to 4.12 and City Developments was up 25 cents to 9.45. Bank stocks closed up with United Overseas Bank 20 cents higher at 15.10, DBS gained 40 cents to 17.10 and Oversea-Chinese Banking Corp climbed 15 cents to 6.40.
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