Singapore shares rose 1.33 percent on Wednesday in line with most Asian markets, which were buoyed by an overnight rally on Wall Street. The blue chip Straits Times Index (STI) closed 19.76 points higher at 1,505.51 on volume of 1.07 billion shares worth 923 million Singapore dollars (599 million US). Gainers led losers 217 to 167, with 836 issues unchanged.
But dealers were unconvinced that the market has turned the corner. Banking shares gained ground, with DBS up 15 cents to 6.90, United Overseas Bank rising 14 cents to 8.47 and Oversea-Chinese Banking Corp edging up four cents to 4.12.
Among property shares, CapitaLand closed six cents higher at 1.93 and City Developments gained 16 cents to 4.36. Keppel Land eased 7.5 cents to 99.5 cents. Singapore Telecommunications was flat at 2.45 while Singapore Airlines rose 21 cents to 10.10. Motor vehicle firm Jardine Cycle and Carriage gained 23 cents to 9.09 while Sembcorp Marine fell a cent to 1.37.