SINGAPORE : Singapore share prices closed up 0.57 percent on Monday as investors brushed aside inflation concerns to pick up selected blue chips, dealers said.

The Straits Times Index rose 18.13 points to 3,180.16. Volume was 1.14 billion shares. Gainers led losers 299 to 270.

"The Asian markets have been consolidating towards the end of last week, which probably helped alleviate further selling pressure today," said Lorraine Tan, equity strategist at Standard and Poor's.

Market sentiment remained cautious after oil prices spiked above US$126 a barrel on Friday, sending the Dow Jones Industrial Average sharply lower.

Banking shares were mixed, with DBS Group rising 12 cents to S$20.10, United Overseas Bank down 22 cents at S$20.34 and Oversea-Chinese Banking Corp dropping five cents to S$8.78.

Property heavyweights ended higher, with CapitaLand gaining 19 cents to S$6.69, City Developments up eight cents at S$11.60 and Keppel Land advancing three cents to S$5.83.

Singapore Airlines gained 12 cents to S$15.66 and Singapore Telecommunications was steady at S$3.71. - AFP/ms