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SINGAPORE, Nov 30, 2007 (AFP) - Singapore share prices closed 1.24 percent higher Friday on increased hopes the Federal Reserve will cut interest rates to spur the US economy and avert a recession, dealers said.
They Comments by Federal Reserve chairman Ben Barnanke Thursday that the central bank may cut interest rates again next month boosted investors' hopes of another rate cut.
The Straits Times Index added 43.05 points to 3,521.27. Volume totalled 1.99 billion shares worth 3.05 billion Singapore dollars (2.12 billion US).
There were 488 rising issues, 278 losers and 948 issues were even.
"The Fed statements seem a bit more friendly towards a rate cut," said Khiem Do, a strategist at Baring Asset Management.
Banks closed higher led by DBS Group which gained 30 Singapore cents to 20.10 dollars, Oversea-Chinese Banking Corp was five cents up at 8.50 dollars and United Overseas Bank was 30 cents firmer at 19.80 dollars.
Propert stocks were also higher, with City Developments up 10 cents at 14.40 dollars, CapitaLand rose five cents to seven dollars but Keppel Land was steady at 7.50 dollars.
Singapore Airlines slipped 10 cents to 17.90 dollars, Singapore Telecommunications added six cents to 3.88 dollars and ST Engineering rose four cents to 3.78 dollars.
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