Singapore shares closed 1.61 percent higher on Friday, snapping six straight sessions of losses, but dealers said the market was still looking for firm leads. The blue chip Straits Times Index jumped 35.98 points to 2,273.18 on volume of 1.56 billion shares worth 1.21 billion Singapore dollars (828 million US). Gainers led losers 338 to 132, with 808 issues unchanged.
"We're seeing a cautious rebound today, but there may be a little bit more downside as the market still needs to release pressure and doesn't look oversold yet," said a trader at a local brokerage. "We are in no man's land until the correction is deep enough to bring buyers back in." AmFraser senior vice president for equity research Najeeb Jarhom said the market "needs some new leads to return to 2,350-2,400" points.
Banking shares closed higher. United Overseas Bank gained 44 cents to 14.54, DBS was up 14 cents to 11.64 and Oversea-Chinese Banking Corp inched up five cents to 6.70. Among property shares, Capitaland advanced five cents to 3.55 and City Developments climbed 27 cents to 8.77 but Keppel Land eased a cent to 2.17. Singapore Airlines gained 30 cents to 12.78 while Singapore Telecommunications fell two cents to 2.91. Agribusiness group Wilmar International was up 14 cents to 4.96 and shipping firm Neptune Orient Lines closed seven cents higher at 1.53.