Singapore share prices surged to a new all-time closing high on Thursday on buying in selected blue chips, dealers said. The Straits Times Index rose 10.82 points or 0.30 percent to 3,639.49, erasing the previous peak of 3,629.55 points set on Tuesday.
Volume traded totalled 4.51 billion shares worth 2.74 billion Singapore dollars (1.78 billion US) and there were 403 rising issues, 445 losers and 654 issues were even. "There's some rotational play in the market, like Singapore Press Holdings which is stronger today," said a dealer with a local brokerage.
Investor sentiment is holding firm on expectations of strong corporate results for the June quarter, dealers said. Among blue chips, Singapore Press Holdings added 0.10 to 4.64, Singapore Airlines fell 0.30 to 18.70, ST Engineering was flat at 3.86 and Singapore Telecommunications advanced 0.02 to 3.44.
Construction stocks were also among the winners after US investment banking powerhouse Goldman Sachs issued an upbeat report to clients on the sector with annual growth of 15-20 percent projected in 2008.
Among construction stocks, Tat Hong Holdings was up 0.03 at 2.20, Chip Eng Seng Corp added 0.02 to 0.95, Yongnam Holdings Ltd gained 0.005 to 0.425 and Hong Leong Asia Ltd was up 0.08 at 3.32.
In the property sector, CapitaLand was 0.10 higher at 8.20, City Developments fell 0.30 to 17.20 and Keppel Land was even at 9.20. Bank stocks were flat to higher with DBS up 0.10 at 23.90, United Overseas Bank gained 0.20 to 23.30 and Oversea-Chinese Banking Corp was flat at 9.45.
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