Singapore shares closed 0.80 percent higher on Wednesday in a market lacking catalysts, dealers said. The blue chip Straits Times Index (STI) climbed 13.14 points to 1,651.06 on volume of 827 million shares worth 808 million Singapore dollars (529 million US). Gainers edged losers 179 to 171, with 889 issues unchanged.
The market was quiet and dealers were wary of trading in the depressed economic environment. "I'm very cautious. You just never know how things will turn out in the next couple of months. There is no impetus for the market to run at this juncture," said a dealer at a foreign brokerage.
Banking shares were mixed. DBS gained seven cents to 8.10 dollars while United Overseas Bank dropped 12 cents to 10.80. OCBC Bank eased a cent to 4.89 after reporting fourth-quarter net profit fell 30 percent year-on-year as deteriorating credit markets and economic conditions led to higher allowances for loans.
Among property shares, City Developments closed 15 cents higher at 5.37, CapitaLand edged up three cents to 2.68 and Keppel Land gained two cents to 1.38. Singapore Airlines was up 25 cents to 10.22 and Singapore Telecommunications closed three cents higher at 2.47. Motor vehicle firm Jardine Cycle and Carriage dropped eight cents to 9.77 while conglomerate Keppel Corp gained 13 cents to 4.19.
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