Singapore share prices closed 0.63 percent higher on Thursday, tracking gains in regional markets and Wall Street's recovery, dealers said. The Straits Times Index ended 22.21 points higher at 3,573.43 on volume of 3.48 billion shares worth 2.18 billion dollars (1.42 billion US).
Gainers outshone losers 551 to 270 with 654 issues unchanged, after US shares powered higher on fresh signs of strength in consumer spending along with encouraging signals from the Federal Reserve on economic growth as well as muted inflation.
"Basically it's the allaying of interest rate hike fears that led the market today," a local brokerage dealer said. He added the market looks to be trending up again, but needs a confluence of positive factors to drive the main index past the psychological 3,600 point resistance level.
Among blue chip winners, Neptune Orient Lines Ltd rose 0.28 to 4.48 after J.P. Morgan upgraded its rating to "overweight" from "neutral" with a target price of 5.50.
Singapore Exchange resumed its uptrend, rising 0.15 to 9.80 amid continued speculation a rival bourse may buy a stake. Keppel Corp and Sembcorp Marine extended gains, rising 0.10 to 12.40 and 0.42 to 5.20, respectively, on expectations the shipyards will continue to secure orders for rigs and other facilities in the oil and gas industry.
Most banks were also firmer after some profit-taking earlier in the week, with DBS up 0.30 at 23.60, and OCBC gaining 0.05 at 9.45. Property heavyweights were also higher. City Developments gained 0.10 to 17.50 and CapitaLand rose 0.10 to 8.05. Keppel Land rose 0.05 to 9.10.
Small caps continued to support the market in brisk trade. China Aviation Oil extended gains, rising a further 0.05 to 2.30 but off its high of 2.48 after dispelling market speculation that it will soon announce an asset injection.
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