Singapore share prices closed 0.67 percent higher on Wednesday with the main index rising above the 2,100-point level on gains in selected blue chips, dealers said. The Straits Times Index rose 14.04 points to 2,108.69 and the All-Singapore Equities index was 1.01 points higher at 548.82. Volume was 889 million shares worth 821 million Singapore dollars (504 million US), down from 955 million shares worth 830 million dollars on Tuesday.
Losers led gains 244 to 182, with 432 stocks unchanged.
"I think a lot of this activity is actually fund positioning," said a dealer from a local brokerage.
"They are switching around, putting in some big money," he said, adding the gains were likely to be sustained in the short-term.
Exceptionally strong interest in City Developments, which pushed the blue chip property developer 10 cents or 1.48 percent higher to 6.85 Singapore dollars, was one of the main drivers on the day.
Among the other majors, Keppel Corp was up 25 cents to 9.55 dollars and Singapore Airlines up 30 cents to 11.80 dollars.
DBS bank closed 20 cents higher at 15.80 dollars, Oversea-Chinese Banking Corp was 10 cents up at 13.60 and United Overseas Bank finished flat at 13.80.
Singapore Telecommunications dropped two cents to 2.57 ahead of third quarter results due Thursday while Singapore Press Holdings was unchanged at 4.44.
Technology stocks were weaker with contract chipmaker Chartered Semiconductor down one cent at 1.05 dollars, Creative Technology 40 cents lower at 21.20 and Venture off 10 cents at 15.80.