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SINGAPORE : Singapore shares closed 2.5 per cent higher on Tuesday, tracking spectacular gains on overseas markets on hopes of an easing of the global financial crisis.
The blue-chip Straits Times Index finished 51.96 points higher at 2128.31 on a volume of 1.83 billion shares worth S$2.0 billion (US$1.37 billion). Gainers outnumbered losers 402 to 206, with 708 counters unchanged.
For the second day in a row, the Singapore stock market stayed on track for a recovery from last week's battering. But the question remains - is this a genuine turnaround or a temporary rebound?
Seow Hock Hin, senior VP of Institutional Sales at MFC Global, said: "I actually think that the market has hit a short-term bottom. We do see a lot of values in a lot of stocks, which are now trading at a fraction of what they used to be worth end of last year.
"And there's definitely a lot of bargain hunting happening in the market today, and possibly these will last for the rest of the year as well."
Some analysts believe Singapore's financial sector will continue to do well. But they cautioned against any major investment into property shares because of their exposure to sliding Chinese property prices.
Property stocks are still holding strong for now. City Developments added 61 cents or 8.5 per cent to S$7.81 and CapitaLand ended 22 cents or 8.1 per cent higher at S$2.95, while Hong Kong Land rose 5.8 per cent to US$2.75.
Singapore Airlines surged 58 cents to S$13.24, conglomerate Keppel Corp added 14 cents to S$6.10, but Singapore Telecommunications was off two cents to S$2.90.
DBS advanced 44 cents to S$15.30, United Overseas Bank rose 30 cents to S$16.00 and Oversea-Chinese Banking Corp was 23 cents higher at S$6.65.
- AFP/CNA/ls
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