Singapore's stock market closed higher on Monday due to lower trader volumes with investors keeping one eye on the New Year holiday.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,769.66 and 3,795.73 throughout the day. It ended the session at 3,795.730, up 24.10 points or 0.64% compared to Friday's close.

In company news, shares of OUE REIT (SGX:TS0U) were up nearly 4% after it completed the divestment of its equity interest in Lippo Realty which owns the Lippo Plaza in Shanghai, through its subsidiary, Tecwell.

Rex International's (SGX:5WH) was up nearly 2% after its subsidiaries, Rex Oman and Masirah Oil (MOL), along with certain past and present directors of MOL, settled a claim filed by Petroci Holding.

Meanwhile, Keppel (SGX:BN4) was down under 1% at the close after it completed the disposal of two of its data centre buildings for SG$1.38 billion.

Nio fell 3.4%, OUE fell 1%; Sembcorp Industries rose 2%; OCBC, UOB rose 1%; DBS rose 0.7%.