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Singapore shares closed on Tuesday at three-week highs, mirroring gains in overseas markets, on bargain hunting following recent dips, with Venture Corp and Datacraft Asia leading the winners.
The key Straits Times index finished up 1.72 percent or 32.08 points at 1,893.47, its highest close since January 27. Before Tuesday, the market gauge had closed lower in four out of five previous trading days.
"Regional bourses were better. That's one of the factors that helped our market. Positive results also contributed to the firm undertone," said John Yap, director at brokerage UOB Kay Hian Pte Ltd.
Tokyo's key Nikkei average closed 1.44 percent higher, European markets started stronger and index futures indicated that Wall Street was set for a firmer opening. Investors were also encouraged by economic data that showed Singapore's growth was steadily improving.
Singapore said exports rose for a third straight month in January, buoyed by shipments of drugs and chemicals, and these should keeping export momentum up over coming months for Asia's most trade-reliant economy.
Non-oil domestic exports expanded 3.6 percent in January from December after adjusting for seasonal patterns, confounding market forecasts for a fall during the Lunar New Year holidays.
"In general, we are still on track for growth of about 13 percent for the whole year in non-oil exports," said Nizam Idris, economist with IDEAglobal.com.
In the broader market, gainers thrashed losers 242 to 98 as volume rose to 1.1 billion shares from 931 million on Monday.
Tech firm Venture climbed 1.9 percent to S$21.30 after posting a 25 percent jump in quarterly net profit to S$73.5 million ($43.9 million), due to improved market share and said it was upbeat on its 2004 outlook. Low Say Ping, analyst and fund manager at APS Asset Management, which manages $1.4 billion and has a large overweight position on the firm, said liked the results.
"Expectations are running extremely high for the company, but it should be acknowledged that the company has done very well and has shown growth through the year, so it's very commendable," she said.
But J.P. Morgan downgraded Venture to "neutral" from "overweight" on disappointment over the results.
Computer data network builder Datacraft, which slumped 6.8 percent on Monday despite scotching rumours about a raid by Singapore's white-collar crimes investigation unit and about it announcing huge quarterly losses, added 4.3 percent to US $1.44.
DBS Group gained 2.6 percent to S$15.90. The banking firm unveils its quarterly results on Friday.
Neptune Orient Lines cruised 2.5 percent ahead to S$2.08. The world's sixth-largest container shipping group said after the market close it sold its tanker business for US $55.1 million to focus on its core liner and logistics operations.
Bio-Treat Technology, which soared 89 percent on debut on Monday, added another 14.4 percent to 99.5 Singapore cents. The China-based waste water treatment firm led volumes, with 223 million shares traded.

Copyright Reuters, 2004

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