SINGAPORE: Singapore share prices closed 5.0 percent higher on Monday, lifted by gains in heavyweight property and banking stocks, dealers said.

The main Straits Times Index went up 89.55 points to finish at 1,883.75. Volume totalled 1.64 billion shares worth S$1.14 billion (US$780 million). There were 422 rising issues, 125 losers, while 781 issues were flat.

Investors snapped up blue chip stocks on hopes the election of a new US president on Tuesday will mean a clearer direction in economic policy from Washington.

"Expectations that the new government will have to get down to the job of turning around the economy may support optimism that the worst is over for holders of equities," analysts at CIMB in Singapore were quoted as saying by Dow Jones Newswires.

Americans are to vote on Tuesday for a successor to President George W Bush, with national polls showing Democrat Barack Obama leading his Republican rival John McCain.

For blue chips, Singapore Airlines added 84 cents to S$11.92, Singapore Telecommunications was up by eight cents at S$2.51 and Neptune Orient Lines gained four cents to S$1.25.

Among banks, DBS put on 66 cents to S$11.68, United Overseas Bank was 68 cents higher at S$13.70 and Oversea-Chinese Banking Corp climbed 29 cents to S$5.19.

Property developer CapitaLand was 16 cents higher at S$3.01 and City Developments rose 16 cents to S$6.46.


- CNA/so