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Singapore share prices closed on Monday at a new all-time high, driven by the surge on Wall Street which also struck another record finish, dealers said. The main Straits Times Index closed 2.87 points or 0.11 percent higher at 2,669.55, a shade above the previous record of 2,666.68 set on Friday.
Volume traded totalled 1.11 billion shares worth 935 million Singapore dollars (592 million US) and there were 302 rising issues, 317 decliners and 649 issues were even.
Dealers said Wall Street's record-setting run on Friday was the major driver behind the surge in the local stock market with blue chips Singapore Telecommunications and Singapore Airlines in favour with investors.
"We saw some carry through of momentum from last week, where the very strong close of the US markets carried through for us in Asia," CIMB-GK Research acting research head Song Seng Wun said. For the blue chips, Singapore Airlines gained 0.10 to 15.80, Singapore Press Holdings was up 0.02 to 4.20, Singapore Telecommunications added 0.02 to 2.48 while ST Engineering was down 0.01 at 2.97.
Property stocks were mixed with City Developments down 0.10 at 11.00, Capitaland up 0.05 at 5.25 and Keppel Land up 0.05 at 5.25. Analysts said property stocks may be due for a correction. "Valuations of property stocks after the recent run up appear stretched at an average 15 percent premium to revalued asset backing," DMG Partners said in a note to clients.
Among banks, DBS was down 0.10 at 20.80, Oversea-Chinese Banking Corp was down 0.05 at 7.00 and United Overseas Bank was unchanged at 17.00. In the technology sector, Creative Technology gained 0.10 to 11.10, Chartered Semiconductor was 0.03 higher at 1.23, and Venture eased 0.10 to 13.10.

Copyright Agence France-Presse, 2006

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