Singapore share prices closed 0.66 percent higher on Friday on continued bargain-hunting in select stocks with firm fundamentals, dealers said. They said the gains followed Wall Street's latest advance after US data suggested consumer spending, and the overall economy, is withstanding credit and housing troubles.
The Straits Times Index rose 22.91 points to 3,488.97 on volume of 3.15 billion shares worth 2.20 billion dollars (1.44 billion US). Gainers dominated losers, 582 to 252 while 780 issues were unchanged.
Gains in shipyard-related stocks with upbeat prospects continued to support the market. SembCorp Marine added 6 cents to 4.44 Singapore dollars, SembCorp Industries rose 20 cents to 5.95, and Keppel Corp was 20 cents higher at 13.40.
Among blue chip gainers, Neptune Orient Lines was up 20 cents at 6.10 dollars. Telecommunications companies closed higher. DBS Vickers said it viewed the sector as a "safe haven" with attractive dividend yields amid global equity market turmoil. Singapore Telecommunications was up 2 cents at 3.62. DBS Group Holdings fell 10 cents to 20.30.