Singapore share prices closed 0.48 percent higher on Tuesday as investors bought blue chip stocks amid quiet trade, dealers said. The Straits Times Index rose 14.72 points to 3.098.06 on volume of 2.00 billion shares worth 1.78 billion Singapore dollars (1.26 billion US). Rising issues led decliners 468 to 256 with 1,030 stocks unchanged.
With US markets closed Monday for a public holiday, investors tracked gains in regional markets. Investors picked up select blue chips led by banking giant DBS Group. "What's happening around the region gives confidence to the local markets," said Song Seng Wun, research head at CIMB-GK Research. "No bad news is good news for the markets."
Banking shares were mixed, with DBS gaining 12 cents to 18.36 dollars, United Overseas Bank up 32 cents at 18.28 dollars while Oversea-Chinese Banking Corp lost three cents to 7.52 dollars.
Among property heavyweights, City Developments slipped 20 cents to 11.92 dollars, Keppel Land was down five cents at 6.15 dollars and CapitaLand fell one cent to 6.30 dollars. Singapore Airlines gained 28 cents to 16.08 dollars, Singapore Exchange was up five cents at 9.39 dollars while Neptune Orient Lines dropped 17 cents to 3.78 dollars.
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