Singapore share prices closed 0.96 percent higher on Monday, coming off early lows on bargain hunting in property stocks, dealers said. The Straits Times Index (STI) rose 33.59 points to 3,526.29. Volume was 2.82 billion shares worth 2.57 billion dollars (1.70 billion US). Gains led losers 449 to 431, with 695 stocks unchanged.
"Property stocks have plunged from their recent all-time peaks and are taking the rebound lead," said Fraser Securities' research head Najeeb Jarhom. "They should help in cushioning the STI's fall, together with the other bullish sectors," Jarhom said in a note to clients.
In the property sector, CapitaLand rose 20 cents at 7.25 dollars, Keppel Land gained 10 cents to 8.40 dollars, Allgreen was up two cents at 1.74 dollars and Wing Tai rose 14 cents at 3.66 dollars.
For the banks, DBS added 20 cents to 22.60 dollars. Singapore Airlines gained 50 cents to 19.50 dollars, Singapore Telecommunications was flat at 3.44 dollars and ST Engineering added 10 cents to 3.78 dollars. For energy-related stocks, SembCorp Marine was up five cents at 5.75 dollars, Keppel Corp gained 20 cents to 13.50 dollars and COSCO Singapore rose 15 cents to 5.30 dollars.