Singapore shares closed 0.49 percent higher on Tuesday, boosted by buying in stocks related to the offshore oil and gas sector, dealers said. The blue chip Straits Times Index rose 14.08 points to 2,869.76 on volume of 1.67 billion shares worth 1.11 billion Singapore dollars (793.06 million US). Gainers outnumbered losers 367 to 139, with 848 unchanged.
"The blue chips have held centre stage for some time... So I suspect laggard buying is helping to move the small caps," said a dealer at a foreign brokerage. Oil- and gas-linked stocks performed well on expectations of rising energy demand as the global economy recovers from the worst recession since the 1930s, dealers said.
Swiber Holdings Ltd was up five cents to 1.01 dollars following news it had won a contract worth 75 million US dollars to provide underwater inspection, repair and maintenance services from an unidentified Southeast Asian oil firm. Among the other gainers was China-linked shipbuilder COSCO Corp whose shares climbed seven cents to 1.21.
Banking stocks were higher, with DBS gaining 14 cents to 15.30, United Overseas Bank advancing two cents to 19.46 and Oversea-Chinese Banking Corp climbing four cents to 9.04. In the property sector, CapitaLand fell two cents to 4.15, Keppel Land dropped two cents to 3.49 and City Developments eased four cents to 11.40. Singapore Airlines moved up four cents to 14.70, and Singapore Telecom was two cents higher at 3.09.