Singapore shares closed 0.37 percent higher on Monday, bolstered by better-than-expected U.S. non-farm payrolls data sparked a Wall Street rally.
U.S. April payrolls reported a 165,000 increase, exceeding the 140,000 consensus forecast, while previous months were revised upwards by a combined 114,000. A surprise drop in the U.S. unemployment rate to 7.5 percent also helped to boost market sentiment.
CIMB Research said "if prices continue on from here, the next resistance is at 3,443 points to 3,450 points. (The market) would only turn bearish if the 3,279 points support gives way."
OCBC Investment Research said "a stronger-than-expected U.S. labor market report sent Wall Street to record highs on Friday, lifting global risk appetite, which was also underpinned by market belief that major central bank accommodation will sustain."
SIAS Research said selling pressure of the local bourse is likely to subside with immediate support established at 3,320 points while resistance remains pegged at 3,400 points.
The benchmark Straits Times Index rose 12.39 points to close 3, 382.29 points. Trading volume was 2.14 billion shares worth 1.39 billion Singapore dollars. Advancers outnumbered decliners 256 to 187, while 504 stocks closed unchanged.
Sembcorp Marine shed 0.2 percent to 4.25 Singapore dollars. It reported a net profit of 119 million Singapore dollars in the first quarter, up 5 percent from a year earlier, boosted by higher revenue recognition from its rig building and ship repair businesses.
Cosco Corporation sank 5.7 percent to 82.5 Singapore cents. The marine engineering and shipping group reported a net profit of 9.7 million Singapore dollars in the first quarter ended March 31, down 65 percent from the previous year. It attributed the drop to lower profit contributions from dry bulk shipping and shipyard operations.
Singapore Post Limited closed flat at 1.29 Singapore dollars. The Singapore-based postal and logistics service provider said its net profit fell 14.6 percent to 26.1 million Singapore dollars in the fourth quarter. It attributed the drop to rising costs amid its sixth consecutive quarter of decline in domestic mail volume.
Among the top gainers, Jardine Cycle and Carriage rose 0.3 percent to 48.15 Singapore dollars, while UOB became one of the top losers by falling 1.1 percent to 21.55 Singapore dollars. (1 U. S. dollar equals to 1.23 Singapore dollars)