Singapore shares closed 2.08 percent higher Monday, their highest level in 15 months, led by banking and property stocks, dealers said. The blue chip Straits Times Index rose 56.62 points to 2,783.85, its highest close since August 15, 2008. Volume was 1.85 billion shares valued at 1.80 billion Singapore dollars (1.30 billion US).
The banking sector led gains, helped by J.P. Morgan's upgrade of all three main banking stocks. "Stocks are not cheap, but we believe decent returns are available with stocks that deliver on their targeted growth," J.P. Morgan said in a market note. "Sectors and stocks such as the broad commodities complex and banks are likely to continue commanding investor interest in 2010."
DBS Bank rose 42 cents to 14.56 dollars, United Overseas Bank climbed 98 cents to 19.94 and Oversea-Chinese Banking Corp ended 34 cents higher at 8.50. Property stocks were also higher. CapitaLand advanced 10 cents to 4.23, Keppel Land was up 28 cents to 3.13 and City Developments jumped 38 cents to 10.40. Singapore Telecom added two cents to 2.95 and Singapore Airlines surged 12 cents to 14.02.
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