Singapore share prices closed 0.89 percent higher on Thursday after better-than-expected US economic data, dealers said. The blue chip Straits Times Index rose 28.00 points to 3,160.78 on volume of 1.23 billion shares worth 1.78 billion Singapore dollars (1.31 billion US). Rising issues led decliners 300 to 256 with 1,059 stocks unchanged.
The United States government said on Wednesday that April durable goods orders fell 0.5 percent, but most of the decline was in the transport sector. Excluding that segment, orders were up 2.5 percent. "The better-than-expected US durable orders has reduced concerns over the US economy," Goh Mou Lih, research head at Westcomb Securities, said in a note to clients.
But AmFraser Securities research head, Najeeb Jarhom, said he doubted whether the market will hold on to its gains. "Investors generally lack conviction. The Singapore market is just following global and regional markets," he said.
Banking shares were mixed, with United Overseas Bank gaining 20 cents to 20.02 Singapore dollars, Oversea-Chinese Banking Corp down three cents at 8.61 and DBS Group steady at 19.36. Property heavyweights rallied, with CapitaLand rising 13 cents to 6.38, City Developments up four cents at 11.24 and Keppel Land advancing three cents to 5.44. Singapore Airlines added 18 cents to 16.08 and Singapore Telecommunications finished four cents higher at 3.71.
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