Singapore shares prices closed 1.16 percent higher on Monday, buoyed by gains in regional markets and Wall Street last week due to lower crude oil prices, dealers said. The Straits Times Index (STI) rose 28.96 points to 2,520.45. Volume was 898.78 million shares worth 948.73 million Singapore dollars (608.16 US).
Gainers beat losers 354 to 213 while 694 shares remained even. "It is a number of positive macroeconomic indicators that boosted the STI. Regional markets are in positive territory, the US market is doing well and crude oil prices are falling," a dealer at a local brokerage said.
On the home front, dealers said the perceived economic benefits of hosting the International Monetary Fund and World Bank meetings here next week also lifted market sentiment. The country's services industry such as hotels and the retail sector are expected to benefit most from the arrival of more than 16,000 delegates.
"We see a lot of positive factors coming in from the IMF meeting," another dealer with a local brokerage said. "The market will be stable and the 2,500 points level is likely to hold over the next two weeks."
Dealers, however, added that continued uncertainty of the outlook for United States interest rate hikes and ongoing tensions over Iran's uranium enrichment program could weigh down sentiment.
Among blue chips, Singapore Airlines rose 0.30 to 14.00, Singapore Telecommunications climbed 0.03 to 2.50, Singapore Press Holdings gained 0.06 to 4.06, and ST Engineering advanced 0.05 to 2.94. Technology stocks were higher, with the exception of Chartered Semiconductor which ended unchanged at 1.27. Creative Technology rose 0.20 at 10.30, Venture Corp climbed 0.10 at 11.60, STATS ChipPAC was up 0.02 at 1.01, and United Test and Assembly Center was up 0.015 at 0.745. Banking stocks were flat to higher, with DBS Group gaining 0.30 to 18.40, Oversea-Chinese Banking Corporation rising 0.05 to 6.50, while United Overseas Bank flat at 15.80 Property heavyweights were higher with Keppel Land up 0.08 at 4.48, City Developments up 0.10 at 9.85 and CapitaLand up 0.08 at 4.88.