Singapore shares closed 2.14 percent higher on Wednesday, tracking other Asian stock markets which were buoyed by the election of Democrat Barack Obama as US president, dealers said. The main Straits Times Index rose 39.13 points to 1,868.82. Volume was 2.31 billion shares worth 1.63 billion Singapore dollars (1.1 billion US) and there were 340 rising issues, 216 losers and 762 even.
Obama's convincing victory over his Republican rival John McCain lifted investors' spirits on hopes he will work quickly on fixing the world's biggest economy, analysts said. "A clear margin of victory could provide a temporary boost to market sentiment, as a large uncertainty is removed," analysts at UBS were quoted as saying by Dow Jones Newswires.
Among local stocks, Oversea-Chinese Banking Corp closed 21 cents higher at 5.28 dollars despite reporting Wednesday an annual 13 percent fall in third quarter net profit. The bank said profit in the three months to September sank to 402 million from 463 million last year on higher allowances amid the financial upheaval.
United Overseas Bank, which also saw third quarter profit shrink, finished 44 cents higher at 13.78 while DBS inched two cents up at 11.38 dollars. DBS is releasing its third quarter earnings on Friday. Singapore Airlines put on 16 cents to 12.28, Singapore Telecommunications added one cent to 2.31 and Neptune Orient Lines rose eight cents to 1.35. Property developer CapitaLand advanced 18 cents to 3.10, City Developments added 15 cents to 6.50 and Keppel Land firmed 20 cents to 2.28.
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