Singapore share prices closed 0.19 percent higher on Thursday, led by gains in property stocks amid increasingly positive sentiment on the outlook for the sector, dealers said. The Straits Times Index rose 4.32 points to 2,317.67. Volume was 1.1 billion shares worth 650 million Singapore dollars (387 million US), up from one billion shares valued at 721 million dollars on Wednesday.
Gains led declines 282 to 206, with 586 stocks unchanged.
Property stocks pushed the index higher but gains form here will likely be limited as investors wait to see what is decided at the September 20 meeting of the US Federal Reserve on interest rates, dealers said.
Oil prices, which remained above 65 US dollars a barrel in Asian trading, were also a cause for concern, they said.
"There are uncertainties on the interest rate front as well as concerns over the impact of high oil prices on corporate and economic growth prospects," said OCBC Securities research manager Carmen Lee.
Hopes of better residential property sales boosted many real estate firms. Heavyweight developer City Developments rose 10 cents to 9.10 dollars, Keppel Land added two cents to 3.64 and Wing Tai was four cents firmer at 1.37.
Among banks, DBS fell 10 cents to 15.90 dollars, United Overseas Bank slipped 20 cents to 14.50 and Oversea-Chinese Banking Corp was steady at 6.25. Blue chips were mixed with Singapore Telecommunications two cents lower at 2.57 dollars, Singapore Press gained six cents to 4.66, Singapore Airlines was steady at 11.90 and ST Engineering dropped one cent to 2.57.
Tech stocks were mixed with Creative Technology losing 10 cents to 13.40 dollars, Chartered Semiconductor was flat at 1.17 and Venture rose 10 cents to 15.40.