Singapore share prices closed 0.22 percent higher Friday as the market generally ignored Prime Minister Lee Hsien Loong's speech on the national budget, dealers said. Lee, who is also finance minister, announced tax cuts and other financial breaks worth 1.3 billion Singapore dollars (792 million US) during his budget presentation to parliament. The Straits Times Index rose 4.66 points to 2,168.86. Volume was 1.15 billion shares valued at 947 million Singapore dollars (577.73 million dollars), from 763 million shares worth 724 million dollars on Thursday.

Losers led gainers 242 to 170, with 588 stocks unchanged.

A dealer from a local brokerage said there was little response to the government's budget as the measures were largely in line with market expectations.

In his budget speech, Lee said the government had decided to reduce the personal income tax rates for top earners - those earning 320,000 dollars and above annually - to 20 percent from 22 percent over two years.

Those in the lower income brackets would also see their tax rates decline between 0.5 point and 2.0 points.

Among blue chips, Singapore Telecommunications was up five Singapore cents to 2.61 Singapore dollars, Singapore Press Holdings rose two cents to 4.54, ST Engineering gained two cents to 2.47, while Singapore Airlines dropped 20 cents to 12.40.

Banking stocks were flat to lower, with United Overseas Bank unchanged at 14.30, DBS down 20 cents to 16.00 despite posting record profits for 2004, and Oversea-Chinese Banking Corp down 10 cents to 13.80.

Copyright Agence France-Presse, 2005