Singapore share prices closed 0.54 percent higher on Tuesday on selective buying of blue chips following Wall Street's strong gains, dealers said. They said property-related counters, especially in construction, also supported the index.
The Straits Times Index gained 19.09 points to 3,569.43 on volume of 3.98 billion shares worth 2.65 billion dollars (1.74 billion US). Gainers led losers 508 to 308 with 697 issues unchanged. "The market is still quite healthy with Wall Street and Hong Kong both up," a dealer at a local brokerage said.
Preliminary government estimates released Monday showed Singapore residential property prices rose 7.9 percent in the second quarter. Property heavyweight City Developments advanced 0.40 to 17.50 but CapitaLand and Keppel Land closed flat at 8.05 and 8.65 respectively. Among blue chip winners, Neptune Orient Lines rose 0.60 to 6.00 off an all-time high of 6.20.
Singapore Telecommunications advanced 0.02 to 3.42. Singapore Press Holdings continued to be hit by profit-taking, falling 0.12 to 4.52. Banks were mostly flat, with DBS unchanged at 23.00, United Overseas Bank flat at 22.20, while Oversea-Chinese Banking Corp put on 0.05 to 9.30.
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