Singapore share prices closed 0.29 percent higher on Friday but sentiment was cautious ahead of a key speech by US Federal Reserve chief Ben Bernanke, dealers said. They said the market expects Bernanke to provide any clues on the Fed's next interest rate intentions, after halting a long cycle of rate increases earlier this month.
The Straits Times Index added 7.1 points to 2,453.21. Volume was 940.21 million shares worth 932.94 million Singapore dollars (637 million US). Losers beat gainers 280 to 257, with 725 shares unchanged. "We don't know whether the pause in US interest rate hikes is only for this month or whether it's going to be permanent," a dealer with a local brokerage said.
Frasers Securities research head Najeeb Jarhom noted that investors were reluctant to hold positions until they get a clearer fix on the Fed's rate intentions. Other dealers said the local stockmarket will likely track Wall Street's reaction to the Fed chief's speech later Friday. Among gainers, Singapore Telecommunications rose 0.03 to 2.46, Singapore Press Holdings added 0.04 to 4.00 and Singapore Airlines gained 0.20 to 13.30.
Most property stocks closed higher, with Keppel Land up 0.04 to 4.28 and CapitaLand up 0.08 to 4.48. City Developments was steady at 9.50. Technology stocks were mixed. Chartered Semiconductor climbed 0.01 to 1.21 and STATS ChipPac advanced 0.02 to 0.98. But Creative Technology was hit by profit-taking, falling 0.50 to 10.90 after having risen by as much as 38 percent Thursday on news that Apple Computer had agreed to pay the firm 100 million US dollars to settle a patent infringement lawsuit. Among banks, United Overseas Bank closed up 0.30 to 15.70, Oversea-Chinese Banking Corp was flat at 6.40 and DBS Group Holdings fell 0.10 to 17.60.