Singapore share prices closed 0.37 percent higher on Friday but gains were capped amid cautiousness over the next policy move by the US Federal Reserve, dealers said. They said that investors were sidelined as they adopted a "wait-and-see" approach until they get a clear picture of the Federal Reserve's next rate intentions.
The Straits Times Index rose 9.10 points to 2,491.49. Volume was 939.02 million shares worth 770.25 million Singapore dollars (490 US). Losers outpaced gainers 287 to 232 while 793 shares where unchanged. "Investors are looking for firm indications on US interest rate policy but so far, we are getting only weak indications," a dealer with a local brokerage said.
The release of US non-farm payroll data Friday should provide further clues on whether the US economy has slowed enough for US monetary authorities to keep rates on hold.
Genting International Limited rose 0.015 to 0.345, boosted by analysts' "buy" calls on the stock following news Harrah's Entertainment Inc, the world's biggest gaming company, has agreed to buy London Clubs.
Malaysian conglomerate Genting Bhd holds about a 30 percent stake in London Clubs.
Singapore Airlines added 0.50 to 13.70 after the company announced Thursday that it had completed the sale of its office building on Robinson Road for 343.88 million Singapore dollars.
Banking stocks closed from flat to higher, with Oversea-Chinese Banking Corp unchanged at 6.45, DBS Group Holdings up 0.10 at 18.10 and United Overseas Bank up 0.20 at 15.80.
Technology stocks had a bad day, with Chartered Semiconductor down 0.01 at 1.27, STATS ChipPAC down 0.02 at 0.99, United Test Assembly Center down 0.02 at 0.73 and Venture Corp off 0.10 at 11.50. In the property sector, Keppel Land fell 0.04 to 4.40, City Developments shed 0.10 to 9.75 while CapitaLand rose 0.04 to 4.80.