Singapore share prices closed 1.68 percent higher on Wednesday on buoyant sentiment driven by a record finish on Wall Street overnight, dealers said. Optimism ahead of corporate results due this week also prompted some buying, they said.
The Straits Times Index jumped 56.52 points to 3,417.81 on volume of 3.35 billion shares worth 2.32 billion dollars (1.54 billion US) Gains led declines 491 to 312 with 632 stocks unchanged.
OCBC Investment Research said the next two to three weeks would provide critical assessments for first-quarter corporate results and guidance on second-quarter performances. "As investors move more into second- to third-liners, the importance of earnings meeting expectations is even more critical," OCBC analyst Carmen Lee said in a note.
Kim Eng Securities was less optimistic, saying that from a technical viewpoint, its best case scenario will see earnings surprises resulting in only sideways market movement. "Hence, it may be opportune for short-term investors to take some of their chips off the table," the brokerage said.
Among blue chips, Singapore Telecommunications rose 0.08 dollars to 3.40 dollars and Singapore Airlines advanced 0.20 to 18.40. Banks were higher, with DBS Group Holdings up 0.40 at 21.70, United Overseas Bank up 0.60 at 22.00 and Oversea-Chinese Banking Corp adding 0.20 to 9.20.
Tech stocks were mixed after disappointing results from Creative Technologies although its shares were unchanged at 9.10 dollars. Venture Corp gained 0.80 to 16.50 while Chartered Semiconductor fell 0.05 to 1.37 and United Test and Assembly Center slipped 0.015 to 0.88.