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Singapore shares gain, approaching record

Singapore shares gain, approaching record

Singapore shares rose strongly on Thursday after Wall Street reached a second straight record overnight, and traders are now looking for the market here to test its all-time high set back in May.
The Straits Times Index gained 38.6 points, or 1.5 percent, to end at 2,641.5. In May, it reached a record 2,666.
Volume was relatively heavy at 1.6 billion shares, compared with 1.75 billion shares on Wednesday. Advancers outnumbered decliners by 436 to 198.
A report by CIMB on Thursday set its end-2007 target for the STI at 2800 and noted that "the STI has breached our end-2006 target of 2,600 with a quarter still to go."
Property shares were among the strongest performers on Thursday, with City Developments leading gains, jumping 5.7 percent to S$11.20.
Keppel Land Ltd. rose 4.0 percent to S$5.20, while CapitaLand Ltd. gained 2.9 percent to end at S$5.25, and contractor-developer Chip Eng Seng climbed 5.7 percent to 28 Singapore cents.
A Fraser Securities report on Thursday sounded a bullish note on property shares, predicting that "selected property stocks such as CapitaLand and Keppel Land can be expected to hit uncharted territory as the property market in Singapore continues to attract foreign interest."


Updated : 2021-08-03 16:17 GMT+08:00