Singapore shares closed 0.92 percent higher on Wednesday as recent falls in crude oil prices eased inflation concerns, dealers said. The blue chip Straits Times Index rose 26.27 points to 2,886.78. Volume traded totalled 1.02 billion shares worth 1.68 billion Singapore dollars (1.22 billion US) and there were 286 rising issues, 218 losers while 874 issues were flat.
"The oil price coming off has given investors hope that inflation might wear off, so that's helping the market," said a dealer at a local brokerage. Crude prices have fallen almost 20 percent from record peaks of above 147 dollars in July on renewed concerns high energy prices are starting to stunt global economic growth, dealers said.
Companies with significant oil-related bills closed mainly higher. Singapore Airlines was up 36 cents at 15.42 dollars, Neptune Orient Lines gained 10 cents to 2.75 dollars and transport service provider ComfortDelGro was two cents higher at 1.58 dollars.
Among property stocks, CapitaLand eased two cents to 5.26 dollars, City Developments added 12 cents to 10.94 dollars and Keppel Land was off four cents at 4.56 dollars. For the banks, DBS dropped eight cents to 18.74 dollars, United Overseas Bank gained 34 cents to 20.02 dollars and Oversea-Chinese Banking Corp lost one cent to 8.40 dollars.
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