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SINGAPORE: Singapore shares closed 0.43 per cent higher on Tuesday, with sentiment lifted somewhat by a bigger-than-expected interest rate cut in Australia, dealers said.
The main Straits Times Index gained 9.23 points to 2,177.55 on a volume of 1.23 billion shares worth S$1.49 billion. There were 255 falling issues, 192 gainers and 856 counters unchanged.
Australia's central bank applied shock therapy to the economy in the face of global financial panic, slashing interest rates by twice as much as the markets expected.
The Reserve Bank of Australia cut a full one percentage point off its key cash rate to 6.0 per cent amid fears that a US-based financial crisis could spark a global economic slowdown.
Australia's action helped to prompt some blue-chip buying on the Singapore bourse, dealers said. "It's good to see some action," one dealer said.
Banks were among the gainers, with DBS up 18 cents at S$15.78 and UOB rising 22 cents to S$15.96, but OCBC closed steady at S$6.61.
Singapore Telecommunications rose eight cents to S$3.12 and oil rig builder Sembcorp Industries jumped 12 cents to S$2.74.
Property counters were lower. CapitaLand dropped 17 cents to S$2.57, City Developments fell 13 cents to S$7.48 and Keppel Land closed down three cents at S$2.25.
- AFP/yt
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