STI 0.35% higher

Nov 6, 2007

STI close 0.35% higher

SINGAPORE share prices closed 0.35 higher on Tuesday as investors snapped up blue chips after the market's recent declines, dealers said.

The Straits Times Index gained 12.92 points to 3,683.1.

Volume traded totalled 2.21 billion shares worth 2.55 billion Singapore dollars.

There were 496 rising issues, 257 losers and 936 stocks were flat. Sentiment was partially boosted by Singapore banks' earnings for the September quarter, dealers said.

Oversea-Chinese Banking Corp (OCBC) was the last of the three local lenders to announce its September quarter results, saying Tuesday net profit grew 22 per cent to US$463 million from the year before.

But investors are still overall concerned over the broader economic picture, said dealers.

'Local results can be good but I don't think it matters in the larger scheme of things with the focus centered on the US credit risks, at least in the short-term,' said Carmen Lee, head of research at OCBC Securities.

For the banks, OCBC gained five cents to 8.90 dollars, DBS was 10 cents up at 21.50 dollars and United Overseas Bank added 30 cents to US$20.60 dollars.

Singapore Airlines was 10 cents higher at US$19.60 dollars, Singapore Telecommunications increased six cents to US$3.92 dollars and ST Engineering advanced 16 cents to US$3.82.