Singapore shares closed 0.70 percent higher Wednesday as interest in select blue chips and banking stocks boosted a lacklustre market, dealers said. The Straits Times Index rose 15.16 points to 2,176.93 on volume of 533 million shares worth 614 million Singapore dollars (374 million US), down from 734 million shares valued at 845 million dollars on Tuesday. Losers led gainers 234 to 177, with 757 stocks unchanged.
"Market gains were led by selective blue chips, while the rest of the market remained generally quiet," said a dealer from a local brokerage.
Keppel Corp gained 30 cents to 11.90 on optimism over the conglomerate's prospects after unit Keppel FELS won a contract worth 780 million dollars to build two oil rigs for Denmark's AP Moeller-Maersk, dealers said.
Neptune Orient Lines Ltd was up four cents to 3.38 after Goldman Sachs raised its 2005 and 2006 net profit forecasts by 25 percent and 41 percent to 875 million and 740 million US dollars respectively.
Banking stocks were mostly firmer, with DBS rising 10 cents to 14 dollars, United Overseas Bank climbing 20 cents to 14.50 and Oversea-Chinese Banking Corp steady at 13.90.
Among other blue chip counters, both Singapore Telecommunications and ST Engineering inched a cent higher to 2.61 and 2.41 respectively.
Singapore Press Holdings and Singapore Airlines were flat at 4.32 and 11.50 respectively.
Creative Technology was unchanged at 13.30, recovering from earlier losses caused by concerns that the company might report disappointing results for its fourth quarter to June, dealers said.