SINGAPORE (Thomson Financial) - Singapore shares closed sharply higher on
Monday as investors, returning from a long Easter break, snapped up bargain
stocks following recent falls, taking the cue from Wall Street's performance
last week.
Before the US markets closed on Friday for a public holiday, the Dow Jones
industrial average jumped 260 points on bargain-hunting and a
milder-than-expected drop in a regional manufacturing report. The Singapore
market was also shut on Friday for a public holiday.
The benchmark Straits Times Index today surged 102.88 points or 3.6 percent
to close at the day's high of 2,927.79. The low was 2,876.13 points.
Advancers outnumbered decliners 518 to 160, with 992 stocks unchanged.
A total of 1.2 billion shares were traded, valued at 1.5 billion Singapore
dollars.
Window-dressing may push the index past the resistance level of 2,900-3,000
before Monday next week, said Najeeb Jarhom, head of research for retail
investors at Amfraser Securities.
Jarhom said that 3,000 should not be a strong resistance level "if the
coming reporting season for first quarter 2008 and fiscal year ending March
contains pleasant earnings surprises from [blue chip companies]."
(1 US dollar = 1.38 Singapore dollars)
pearl.bantillo@thomson.com
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jb/nt
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