Singapore share prices closed 1.0 percent higher on Tuesday on a technical rebound one day after sharp losses that followed North Korea's announcement of a nuclear test, dealers said. They said property and banking stocks were favoured after the city-state released upbeat economic growth figures.
The Straits Times index closed up 26.15 points at the day's high of 2,647.66 on volume of 1.34 billion shares worth 1.15 billion Singapore dollars (724 million US). Gainers led losers 428 to 177 with 649 shares unchanged.
"Today's gains were mainly led by issues such as banks and properties, but there is room for a pullback going forward because blue chips are not cheap now. They are at best fairly valued," UOB Kay Hian dealing director Chan Tuck Sing said.
The Ministry of Trade and Industry released figures showing the city-state's economy is estimated to have grown 7.1 percent in the third quarter compared with the same period last year, largely in line with forecasts.
Among blue chips, Singapore Press Holdings was up 0.02 at 4.24, Singapore Airlines gained 0.10 to close at 15.10 and Singapore Telecommunications was up 0.01 at 2.47. ST Engineering was down 0.02 at 2.98. Property stocks were higher, with CapitaLand up 0.10 at 5.10, City Developments gaining 0.20 to 11.20 and Keppel Land rising 0.05 to 5.25.
Banks were also higher. DBS increased 0.40 to 20.30, UOB rose 0.20 to 16.70 and OCBC gained 0.10 to 6.95. Technology stocks were mixed, with Chartered Semiconductor up 0.01 at 1.17, Venture flat at 13.20, and Creative Technology down 0.10 at 10.50.
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