Singapore shares closed 1.55 percent higher on Friday despite data showing the city-state's key exports fell more than expected in December from a year ago, dealers said. Banks got a lift from news that Bank of America, the largest US bank by assets, will get 20 billion dollars in fresh capital and a 118-billion-dollar asset guarantee to help it absorb Merrill Lynch, which it bought last year.
The blue chip Straits Times Index rose 26.39 points to 1,730.45 on volume of 833.27 shares worth 718.82 million Singapore dollars (482.81 million US). Gainers outnumbered decliners 210 to 167 with 881 issues unchanged. Analysts however ruled out a rally, saying economic prospects for the recession-hit economy remain gloomy.
Singapore's non-oil domestic exports (NODX) for December tumbled 20.8 percent, faster than the 17.5 percent decline in November and worse than the average 20 percent slide tipped by analysts in a Dow Jones Newswires poll. It was the eighth straight month of contraction for the NODX, a closely watched barometer of the health of Singapore's open, trade-driven economy.
Banking stocks were higher, with DBS up 28 cents to 8.48, United Overseas Bank rising 36 cents to 12.12 and Oversea-Chinese Banking Corp adding 15 cents to 5.07. Oil rig maker Keppel Corp was steady at 4.25, Singapore Airlines advanced 20 cents to 11.22 and Singapore Telecom added nine cents to 2.52. In the property counter, Keppel Land fell five cents to 1.56, CapitaLand put on six cents to 2.74 and City Developments ended four cents higher at 5.79. Shipping firm Neptune Orient Lines climbed four cents to 1.16.
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