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SINGAPORE - Singapore shares rose 1.32 per cent on Monday to close at their highest level this year on buying in premium stocks, dealers said.
The blue-chip Straits Times Index moved up 36.34 points to 2,797.88. Volume was 1.30 billion shares worth S$1.29 billion.
In the broader market, gainers outnumbered losers 262 to 208, with 857 stocks unchanged.
"The US dollar carry trade, which has created a flood of liquidity in the past few months, is likely to continue as the prospect of a US interest rate hike remains unlikely, at least in the near term," DMG Research head Terence Wong said in a note.
In a carry trade, investors borrow US dollars at near-zero interest rates and use them to buy assets around the world that promise higher yields.
Among lenders, DBS rose 32 cents to S$15.18, United Overseas Bank was up 34 cents to S$19.82 and Oversea-Chinese Banking Corp advanced 20 cents to S$8.68.
Singapore Telecommunications edged up one cent to S$2.93, Singapore Airlines gained two cents to S$13.94 and publisher Singapore Press Holdings finished two cents higher at S$3.79.
Container shipping firm Neptune Orient Lines added two cents to S$1.62, oil rig-maker Keppel Corp rose 21 cents to S$8.34 and property developer CapitaLand was six cents higher at S$4.15.
- AFP/ir
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