Singapore share prices closed 0.61 percent higher on Tuesday, taking their cue to extend gains from Wall Street's firmer finish overnight, dealers said. The Straits Times Index rose 21.37 points to 3,547.66. Volume was 3.53 billion shares worth 3.67 billion dollars (2.43 billion US).
Despite the headline index gains, losers led gains 573 to 376, with 633 stocks unchanged. Property stocks were the major winners after the government indicated it has no immediate plans to cool the city-state's booming property sector, dealers said.
"Property stocks are rebounding with positive news flow," said a dealer at a local brokerage house. Sentiment towards property stocks were also boosted after CapitaLand, the largest real estate developer in Southeast Asia, reported record profits in the second quarter to June, dealers said.
CapitaLand said second quarter net profit more than quadrupled to a record 912.6 million dollars and for the six months to June, it also set a new all-time high mark of 1.5 billion dollars.
CapitaLand closed 25 cents up at 7.50 dollars. City Developments rose 60 cents at 15.20 dollars while Allgreen added six cents to 1.80 dollars. For the blue chips, Singapore Airlines fell 10 cents to 19.40 dollars, Singapore Telecommunications gained six cents to 3.50 dollars and ST Engineering dropped eight cents to 3.70 dollars. Among banks, DBS advanced 50 cents to 23.10 dollars.
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