Singapore shares close higher for fifth time in six days

THE Straits Times Index (STI) on Tuesday rose for the fifth time in six days, gaining 34.06 points to 2,951.81 in response to an overnight jump on Wall Street and a 40-point rise in the Dow futures. Turnover amounted to 1.3 billion units worth S$1.2 billion and excluding warrants, there were 264 rises versus 134 falls.

The STI's rise was driven largely by the banks, though Singtel was the largest single index mover, with its S$0.10 rise to S$3.96 on volume of 31 million adding 10 points to the index.

Although the US market's Monday rise was not unexpected - the Dow futures on Monday had staged a large intraday upward reversal, indicating a firm Monday for the US - reasons why the Dow Jones Industrial Average closed above 18,000 for the first time this year were unclear.

One suggestion was that with China slowing and Europe stagnant, the US with its modestly growing economy was the only realistic choice as a sort of safe haven.