Singapore shares closed 0.44 percent higher, as investors began to bargain hunt stocks hit recently by fears of Greece's exit from the Euro which threatened to ruin any progress made so far to solve the Euro-zone debt crisis.

Greek President Karolos Papoulias has gathered party leaders to hear his proposal on Tuesday, but opponents of austerity steps needed in exchange for an international bailout expressed little hope for resolving a deadlock, pushing the country towards a new vote which the anti-bailout leftists are likely to win. European leaders said that unless Greece fulfils its bailout commitments, they will cut off funding, which could oust Athens from the Euro, threatening to put in disarray the restructuring efforts by other highly indebted Euro-zone economies which had agreed to harsh fiscal reforms in return for rescue funds.

The benchmark Straits Times Index gained 12.58 points to close at 2,876.70 points. Trading volume was 1.64 billion shares worth 1. 19 billion Singapore dollars. Advancers outnumbered decliners 200 to 180, while 399 stocks closed unchanged.

ComfortDelGro inched up 0.3 percent to 1.465 Singapore dollars. The public transport operator said its first quarter net profit rose 6.8 percent to 53.5 million Singapore dollars, helped by higher revenue that benefited from a stronger Australian dollar and Chinese Yuan.

China Minzhong Food sank 7.4 percent to 69 Singapore cents. The company said its third quarter net profit fell 7.8 percent to 240. 8 million Chinese Yuan from a year ago, hit by higher operating expenses and raw material costs. CIMB Research downgraded it to " Neutral" from "Outperform" and cut its target price to 81 Singapore cents from 1.68 Singapore dollars, saying "we suspect that slowing export demand could be behind the lower earnings growth, in addition to the delayed winter."

STX OSV jumped 6.1 percent to 1.645 Singapore dollars, although the offshore vessel builder said its net profit fell 13 percent to 45.5 million US dollars from a year earlier, weighed down by a drop in revenue and operating profit.

Yanlord Land rose 3.5 percent to 1.035 Singapore dollars, although the Chinese property developer said its net profit for the first quarter dropped 49.4 percent to 135.6 million Chinese Yuan from a year earlier, partly due to a fall in sales.

Among the top gainers, Jardine Matheson rose 0.7 percent to 50 US dollars, while Jardine Cycle and Carriage became one of the top losers by falling 1.2 percent to 45.05 Singapore dollars. (1 U.S. dollar equals to 6.319 Chinese Yuan and 1.25 Singapore dollars)