Singapore share prices closed 0.70 percent higher on Thursday on easing investor concerns over higher interest rates in the United States after the release of tame inflation data, dealers said. However, they said the market could face a period of consolidation in the wake of the corporate reporting season.
The Straits Times Index closed 17.22 points higher at 2,470.65. Volume was 1.05 billion shares worth 1.03 billion Singapore dollars (656 million US).
Winners outdid losers 329 to 251 while 666 issues remained unchanged.
"Today's market is reacting to Wall Street, where data suggested that the US Federal Reserve may not need to raise interest rates next month," said Fraser Securities research head Najeeb Jarhom.
He said the market here could continue to trend upwards, should Wall Street extend its gains.
Singapore's slower than expected 8.4 percent rise in key exports during July had little impact as analysts say the economy is still capable of growing 6.5-7.5 percent as projected by the government.
Blue chip Singapore Telecommunications led gainers, rising 0.04 to 2.49. Among stocks sensitive to oil prices, Singapore Airlines rose 0.10 to 13.20 and Neptune Orient Lines advanced 0.03 to 1.90 as crude prices eased below 71 US dollars a barrel, dealers said.
Technology stocks were higher, with STATS ChipPAC up 0.04 at 1.04, Chartered Semiconductor up 0.05 at 1.24 and Creative Technology up 0.15 at 9.30.
Banking stocks were flat to higher with DBS unchanged at 18.30, Oversea-Chinese Banking Corp flat at 6.40 while United Overseas Bank climbed 0.10 to 15.40.
Among property stocks, CapitaLand rose 0.06 to 4.56 and City Developments gained 0.35 at 9.55, while Keppel Land slipped 0.08 to 4.28.