Singapore share prices closed 1.01 percent higher on Tuesday, in line with regional peers, on expectations another US interest rate cut could help boost the economy, dealers said. The main Straits Times Index closed up 35.95 points at 3,589.03 on volume of 1.33 billion shares worth 1.75 billion Singapore dollars (1.21 billion US).
Rising issues led decliners 442 to 267 while 988 were unchanged. Most analysts expected the US Federal Reserve on Tuesday to cut interest rates for a third straight time, by reducing its key Fed funds short-term interest rate by a quarter-point to 4.25 percent. "I think any cut will relieve the market of the pressures from such uncertainties and maybe move investors who are sidelined back into the markets," said Goh Mou Lih, research head at Westcomb Securities.
Banks were among the key movers, with DBS Group Holdings 60 cents higher at 21.70 Singapore dollars, United Overseas Bank up 50 cents at 20.50 and Oversea-Chinese Banking Corp 10 cents higher at 8.75. Blue chip Singapore Telecommunications rose six cents to 3.94 and conglomerate Keppel Corp rose 20 cents to 13.30.
Singapore Airlines fell 20 cents to 18.30.
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