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SINGAPORE - Singapore shares closed higher on Tuesday on bargain-hunting in selected blue chips amid expectations of strong earnings results.
The benchmark Straits Times Index ended up 51.40 points, or 1.9%, at 2,745.02 points. Overall volume was 1.36 billion shares worth S$1.33 billion. On the broader market, gainers outnumbered losers 275 to 198.
Singapore Telecommunications' strong third-quarter earnings helped boost the index. Earlier in the day, SingTel said its third-quarter net profit rose 24% on-year, leading some analysts to upgrade their full-year earnings forecast for the company. SingTel shares closed 2.7% higher at S$3.03.
OCBC and UOB rose on expectations of healthy fourth-quarter earnings after DBS last week announced a stronger-than-expected fourth-quarter net profit. UOB moved up 3.0% to S$18.80, OCBC rose 2.8% to S$8.47 and DBS gained 1.0% to S$14.40.
Rig builder Keppel Corp rose 1.2% to S$8.34 after the company announced late Monday that it had clinched three contracts worth a total of S$140 million.
The stock also gave support to other rig builders. Sembcorp Marine also gained 1.2% to S$3.36 and Cosco Corp rose 2.5% at S$1.21.
There was also bargain-hunting in property and commodity stocks, with City Developments gaining 2.9% to S$10.72 and CapitaLand rising 1.9% to S$3.75.
Among commodity stocks, Wilmar International rose 3.8% to S$6.25, Golden Agri Resources gained 3% to S$0.515 and Olam International was up 0.4% at S$2.25.
- CNA/ir
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