Singapore share prices closed 1.54 percent higher Monday as investor confidence surged after Wall Street rebounded strongly at the end of last week, dealers said. They said the market was poised to gain in strength with the local economy growing strongly amid a property upswing.
The Straits Times Index (STI) finished 53.87 points higher at 3,545.46 on volume of 4.56 billion shares worth 2.42 billion Singapore dollars (1.58 billion US). There were 578 rising issues, 264 losers and 648 issues were even.
"Strong demand for both residential and office properties, recovery in the construction sector, and the booming tourism industry continue to underpin the local economy and the STI," DBS Bak said.
Among blue chips, Singapore Telecommunications gained 0.08 to 3.52, Singapore Airlines was 0.30 up at 18.50, ST Engineering advanced 0.04 to 3.54 and Neptune Orient Lines rose 0.04 to 4.26.
In the property sector, City Developments gained 0.50 to 17.20, CapitaLand was 0.05 higher at 7.95 and Keppel Land fell 0.10 to 9.25. For the banks, DBS Group was 0.10 up at 23.30, United Overseas Bank gained 0.30 to 23.20 and Oversea-Chinese Banking Corp was 0.10 higher at 9.50. In the tech sector, Venture gained 0.50 to 15.90, Creative Technology was 0.15 higher at 8.10 and UTAC was steady at 1.04.