STI closes up 0.9%

SINGAPORE - Singapore shares closed 0.90 per cent higher on Thursday as investors picked up bargains following recent declines, dealers said.

The blue-chip Straits Times Index added 16.57 points to end at 1,859.98 on volume of 1.55 billion shares worth $1.25 billion (US$831 million).

Gainers led losers 251 to 198, with 792 issues unchanged.

'It seems as though the correction in the last few days has been enough to get some bargain-hunting underway again,' said a trader at a local brokerage.

Banking shares were mixed. DBS eased two cents to $9.03 while Oversea-Chinese Banking Corp gained seven cents to $5.56 and United Overseas Bank closed 12 cents higher at $11.20.

Among property shares, CapitaLand fell five cents to $2.65 while City Developments climbed seven cents to $5.83 and Keppel Land rose 12 cents to $1.88.

Singapore Airlines advanced 22 cents to $10.82 while Singapore Telecommunications remained at $2.47.

Agribusiness group Wilmar International gained 18 cents to $3.61 and beverage maker Fraser and Neave edged up a cent to $2.60.