Singapore share prices closed 1.50 percent higher on Thursday on investor interest in select blue chips, dealers said. They said the market seemed to shrug off a warning from US Federal Reserve chairman Ben Bernanke that the US economy could slide into a recession during the first half of 2008.
The blue chip Straits Times Index rose 46.94 points to 3,171.55 on volume of 1.68 billion shares worth 2.08 billion Singapore dollars (1.51 billion US). Rising issues led decliners 374 to 284 with 928 stocks unchanged.
"Most people are actually saying that the US is already in recession. I don't think it came as a shock to anybody," said Chan Tuck Sing, dealing director at UOB Kay Hian. He said there are also "hopes that people have factored in the worst" of the turmoil which has roiled global financial markets.
Banking shares advanced, with DBS Group up 24 cents at 19.82 Singapore dollars, United Overseas Bank up 16 cents at 20.34 and Oversea-Chinese Banking Corp gaining seven cents to 8.53.
City Developments led property gainers, rising 48 cents to 12.40. Keppel Land closed up 17 cents at 6.20 and CapitaLand gained 12 cents to 6.80. Singapore Airlines rose 12 cents to 16.06 and Singapore Telecommunications finished seven cents higher at 4.02.
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