Singapore share prices closed 0.86 percent higher on Tuesday on bargain hunting after recent declines, dealers said. They said trading was subdued following early losses due to Wall Street's overnight declines and the surge in oil prices to a new record level of over 108 US dollars a barrel.
The main Straits Times Index rose 24.26 points to 2,860.85 on volume of 1.50 billion shares worth 1.86 billion Singapore dollars (1.35 billion US). Rising issues led decliners 340 to 297 with 1,038 issues unchanged. "Some of the stocks are extremely oversold - that could be the reason for the rebound," said Terence Wong, research head at DMG Partners Securities.
Banking shares were mixed, with DBS Group up 24 cents to 16.82 dollars, United Oveseas Bank down 12 cents at 17.88 dollars and Oversea-Chinese Banking Corp up 10 cents at 7.55 dollars.
Property heavyweights rallied, with CapitaLand up 18 cents at 5.89 dollars, City Developments up six cents at 10.50 dollars and Keppel Land gaining five cents to 5.35 dollars. Among blue chips, Singapore Telecommunications rose eight cents to 3.81 dollars, Singapore Exchange up 21 cents at 7.05 dollars and Singapore Airlines was steady at 14.70 dollars.
Comments
Comments are closed.