Singapore share prices closed 1.3 percent higher on Tuesday, boosted by Wall Street's overnight rise and data showing robust demand for residential properties here, dealers said. The Straits Times Index surged 42.05 points to 3,288.36 on volume of 2.34 billion shares valued at 2.34 billion Singapore dollars (1.55 billion US).
Gainers led losers 519 to 219, with 624 stocks unchanged. Banking and property stocks led the gains following a government report showing that private residential property prices rose 4.6 percent in the three months to March from the previous quarter, the strongest gain in seven years.
Looking ahead, dealers said they expect a general upside in the benchmark index given strong economic fundamentals at home. However, daily trading could be affected by overseas developments, they added.
"The bull market environment remains very much intact with the potential to reach new heights," Frasers Securities research head Najeeb Jarhom said in a research note. Most property stocks were higher, with City Developments up 0.20 at 14.90, Capitaland rising 0.05 to 8.00 and Wing Tai closing 0.16 higher at 3.46.
Among banks, United Overseas Bank rose 0.30 to 21.30, DBS Group climbed 0.60 at 21.90 and Oversea-Chinese Banking Corp advanced 0.05 to 9.10. Blue chips were also higher, with Singapore Press Holdings up 0.06 at 4.46, ST Engineering up 0.08 at 3.44 and Singapore Airlines adding 0.80 at 17.40. Singapore Telecommunications was flat at 3.28.