Singapore share prices finished up 1.19 percent on Monday at a new all-time high for the second straight session amid easing concerns of a hike in US interest rates, dealers said. The Straits Times Index (STI) gained 42.63 points to 3,623.79, erasing the previous mark of 3,581.16 set on Friday.
The index also briefly touched a fresh all-time intra-day high of 3,629.45 in early trade. Volume totalled 3.71 billion shares valued at 2.34 billion Singapore dollars (1.53 billion US). Gainers beat losers 591 to 265, with 644 shares unchanged.
"The STI is up on the US market rally," a local brokerage dealer said. But given its record-breaking run-up since the beginning of the year, the dealer said the market is expected to see bouts of profit-taking.
Most property stocks were higher as developers continued to snap up existing residential condominiums in central areas for redevelopment. Keppel Land was up 0.20 at 9.30, City Developments rose 0.40 to 17.70 and Ho Bee climbed 0.08 to 2.55.
SC Global Developments advanced 0.35 to 6.35 after saying it has acquired a freehold residential property near Singapore's main Orchard Road shopping belt.
But DBS Vickers Securities cautioned investors that inflationary pressures could re-emerge, especially if oil prices continue to rise. "While positive domestic factors such as the buoyant property market and the strong recovery of the construction sector should continue to drive thematic plays, keep an eye on the price of oil, which could rise further in the weeks ahead and re-ignite inflation worries," DBS said in a note to clients.
Oil prices traded close to a nine-month peak inn New York on Monday owing to concerns about fuel supplies in the United States where the summer driving season is underway.
New York's main oil futures contract, light sweet crude for delivery in July, soared as high as 68.25 dollars a barrel, before pulling back to 67.84 dollars or 16 cents below Friday's close. In late morning trade on Monday, Brent crude drifted 30 cents lower to 71.17 dollars per barrel.
Blue chip and oil-related play Keppel Corp gained 0.40 at 12.60 to lead gains in most offshore and marine-related companies due to strong demand for oil drilling rigs. SembCorp Marine was up 0.05 to 5.05, KS Energy rose 0.28 to 3.88, and COSCO Corp added 0.06 to 3.44.
Singapore Exchange (SGX) soared to a record high in early trade on news the Tokyo Stock Exchange has acquired a 4.99 percent stake in the local bourse but pulled back to close 0.05 higher at 10.0. Singapore Telecom rose 0.04 to 3.40, while Singapore Airlines was steady at 18.70.