SINGAPORE (Thomson Financial) - Singapore shares were higher in early trade
Monday as investors returning from a long weekend chased bargains following the
market's recent losses.
The correction in the commodities markets seems to be fueling the rebound in
the equities markets, particularly Singapore's, which has fallen more than 20
percent from its October peak, said Chan Wai Chee, research head at Phillip
Securities.
Prices of commodities such as oil and gold have softened after recent gains.
New York's benchmark oil futures contract fell 1.41 dollars to 100.43 dollars
per barrel in early Asian trading.
It remains to be seen whether the gains will continue, Chan said.
"We're still subject to negative news flow from the US," said Chan.
At 10.19 am (0219 GMT), the benchmark Straits Times Index was up 57.47
points or 2.0 percent at 2,882.38.
There were 340.1 million shares traded, valued at 404.9 million Singapore
dollars.
Advancers led decliners 339 to 80, with 1,252 stocks unchanged.
The market was closed on Friday for a public holiday.
Singapore Exchange was leading the market charge, rising 20 cents to 6.60
dollars.
Banking stocks were higher, with DBS Group up 54 cents at 17.64 dollars,
Oversea-Chinese Banking Corp up 14 cents at 7.89 dollars and United Overseas
Bank up 56 cents at 18.70 dollars.
Among other blue chips, Singapore Telecom gained 2 cents at 3.91 dollars and
Singapore Airlines added 30 cents at 14.78 dollars.
Property stocks gained, with CapitaLand adding 21 cents at 5.89 dollars,
Keppel Land 18 cents higher at 5.26 dollars and City Developments up 16 cents at
9.91 dollars.
(1 US dollar = 1.38 Singapore dollars)
jonathan.burgos@thomson.com
pearl.bantillo@thomson.com
jb/jm
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