Singapore share prices closed 2.04 percent higher on Friday in line with other regional markets as concerns over the prospect for further US interest rate increases eased, dealers said. The Straits Times Index rose 48.62 points to 2,435.39 on volume of 1.22 billlion shares worth 1.42 billion Singapore dollars (893 million US).
Gains led losers 502 to 105 with 597 stocks unchanged. "A number of factors led the market: one was with Wall Street's performance on the back of a moderate Fed inflation statement and today being June-end you also see a bit of window-dressing activity," UOB Kay Hian dealing director Chan Tuck Sing said. Dealers said the index may register further gains in the week ahead following recent losses in volatile trade.
"If we don't have any more negative news on the interest rate front, depending on how you want to view the comments from the US Federal Reserve, there is a tendency for the market to take on new positions, which means that it could trend a bit higher," Chan said. The market could also gain momentum ahead of the quarterly earnings reporting season next month, dealers said.
Among blue chips, ST Engineering was up 0.01 dollars at 2.89 dollars, Singapore Press Holdings rose 0.04 to 4.12, Singapore Telecommunications gained 0.05 to 2.54 and Singapore Airlines added 0.10 to 12.70. Banks were higher, with DBS up 0.60 at 18.10, United Overseas Bank up 0.20 at 15.60 and Oversea-Chinese Banking Corp up 0.15 at 6.60. Among property stocks, Keppel Land gained 0.10 at 4.04, CapitaLand increased 0.18 at 4.50 and City Developments was up 0.25 to 9.35.
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