Singapore shares closed 0.94 percent higher Friday ahead of the release of a widely monitored US jobs report, dealers said. The blue chip Straits Times Index rose 24.33 points to 2,622.69. Volume totalled 2.79 billion shares worth 1.75 billion Singapore dollars (1.22 billion US). There were 308 rising issues, 224 losers while 727 issues were even.
The US government will release later Friday the jobs report for August, a widely watched indicator that will provide more signs on the pace of recovery in the world's biggest economy. An improvement would be regarded as positive for Singapore's trade-led economy, which ships most of its exports to the US.
"After the rally earlier this year, the market was either going to wait for the economy to catch up or correct downwards. What we're seeing now is the first scenario," said trader at a local brokerage house. Singapore Airlines put on 12 cents to 12.76 dollars, Singapore Telecommunications was 11 cents stronger at 3.27 and Keppel Corp fell eight cents to 7.62. DBS Group Holdings rose six cents to 12.82, United Overseas Bank was steady at 16.98 and Oversea-Chinese Banking Corp advanced 16 cents to 7.89.
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