Singapore shares close higher on renewed optimism

The Straits Times Index ended up 0.63 per cent on Jan 23, 2018, with more than 2.5 billion shares changing hands.
The Straits Times Index ended up 0.63 per cent on Jan 23, 2018, with more than 2.5 billion shares changing hands.ST PHOTO: DESMOND WEE

SINGAPORE shares ended higher on Tuesday (Jan 23), bolstered by renewed optimism on Wall Street after US senators struck a deal to end a three-day government shutdown.

The benchmark Straits Times Index ended at 3,592.08, up 0.63 per cent, or 22.65 points. More than 2.5 billion shares, worth $1.8 billion, changed hands.

Gainers outpaced losers 325 to 182.

DBS continued to power ahead, ending at $26.84 a share, up 40 cents, or 1.5 per cent, with more than 10 million shares traded.

Offshore marine-related Sembcorp Marine extended gains as more analysts upgraded the stock.

It closed at $2.57, up 18 cents, or 7.5 per cent on more than 33 million shares.

UBS Investment Research on Tuesday upgraded its rating on Sembcorp Marine to a "Buy" call and lifted its target price to $3.06 from S$1.85 previously.

It said SembMarine is expected to see a revival of new orders to $4 billion in 2018, ending a two-year slump.