Singapore share prices closed 1.82 percent higher on Monday, supported by gains in the banks and other blue chips, dealers said. The benchmark Straits Times Index jumped 64.76 points to 3,626.72, within touching distance of the record finish of 3,639.49 set on June 21.
Volume was 4.58 billion shares worth 2.56 billion dollars (1.67 billion US). Gains led falls 633 to 263, with 612 stocks unchanged. "Sentiment has been boosted by upbeat comments from Mentor Minister Lee Kuan Yew as well as expectations that corporate earnings in the three months to June will be strong," a dealer with a local brokerage said.
Lee, Singapore's founding father who now serves in the cabinet of his son Prime Minister Lee Hsien Loong, commented over the weekend that Singapore should be able to sustain its strong growth barring any external crisis.
"If there are no wars or oil crises, this golden period can stretch out over many years," Lee, 83, was quoted as saying in the Sunday Times. All three local banks finished stronger with DBS Holdings adding 0.70 dollars to 23.60 dollars, United Overseas Bank up 0.40 to 23.10 and Oversea-Chinese Banking Corp up 0.15 to 9.40.