Singapore shares closed 0.39 percent higher on Wednesday on hopes for an economic recovery but the market may run out of steam in the near-term, analysts said. The main Straits Times Index gained 8.88 points to 2,269.24. Volume totalled 2.98 billion shares worth 2.11 billion Singapore dollars (1.71 billion US) and there were 350 rising issues, 195 losers and 680 even.
"Liquidity factors support (the) market but valuations and earnings do not," said AmFraser retail research head Najeeb Jarhom, describing recent gains on main index as "too fast, too soon."
Commodity firm Golden Agri-Resources was among the gainers, closing six cents higher at 47.5 cents, boosted by the surge in crude palm oil prices. DBS fell 38 cents to 12.12, United Overseas Bank dropped 30 cents to 14.58 and Oversea-Chinese Banking Corp was off six cents to 7.32. Singapore Airlines was flat at 12.24 and Singapore Telecommunications fell 10 cents to 2.94.
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