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SINGAPORE share prices closed 1.07 per cent higher on Monday on buying interest in heavyweight stocks, amid half day trade ahead of the Christmas holidays, dealers said.
They said investor sentiment was partly boosted by a bigger-than-expected 1.1 per cent jump in US consumer spending last month, helping to shake off fears of a slowdown in the world's biggest economy.
Economists had projected spending would rise 0.7 per cent in November.
The main Straits Times index gained 36.43 points to 3,434.53. Trade ended at 12.30pm on Christmas eve. It usually closes at 5.00pm.
Volume totalled 721 million shares worth S$762 million. There were 384 rising issues, 179 losers and 1,146 were flat.
'Things seem to be all right in the US. Consumer spending was good,' said Mr Najeeb Jarhom, research head at Fraser Securities.
Economists say robust consumer spending could help offset the housing downturn and tighter credit market and keep US economic growth ticking along despite concerns about the health of the world's biggest economy.
Among blue chips, Singapore Airlines rose 16 cents to $17.46, Singapore Telecommunications was 12 cents up at $3.80 and Neptune Orient Lines gained three cents to $4.07.
Among banks, DBS Group advanced 18 cents to $20.68, United Overseas Bank was 18 cents stronger at $19.78 and Oversea-Chinese Banking Corp added 10 cents to $8.40. -- AFP
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