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Singapore shares close higher in line with gains in Dow futures

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A 50-point rise in the June Dow futures helped trigger a bout of short-covering here that pushed the Straits Times Index up 10.33 points to 2,811.25 on Wednesday.

Turnover dropped from Tuesday's moderate S$1.1 billion to a mediocre 1.2 billion units worth S$915.3 million and the broad market excluding warrants recorded 211 rises versus 157 falls.

Wall Street fell sharply on Tuesday but the local market had already sold off in advance of this, the STI losing 34 points that day. Wednesday's trading was therefore dictated by the Dow futures, oil prices and to a lesser extent, Hong Kong and China. None of these markets underwent particularly significant movements, hence the relatively tame session here.

In the offshore and marine sector, shares of Mermaid Maritime jumped S$0.029 or 27 per cent to S$0.136 on volume of 47.2 million, prompting a query from the Singapore Exchange (SGX). The company had not replied before trading ended at 5pm.

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China property firm Weiye Holdings' shares jumped S$0.105 or 23 per cent to S$0.555 on volume of 2.3 million on the first day of its dual primary listing on the Hong Kong Exchange. The stock closed at HK$3.48 in Hong Kong on volume of 2.6 million.

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