Singapore shares soared 3.82 percent Thursday, lifted by a surge on Wall Street and other regional markets on signs the worst for the global economy may be over, analysts said. The blue chip Straits Times Index jumped 70.71 points to 1,920.28 on volume of 2.01 billion shares worth 1.74 billion Singapore dollars (1.18 billion US).
Gainers clobbered decliners 349 to 150, with 751 issues unchanged. Banks and property developers, whose shares are highly sensitive to the global economic outlook, were among the biggest gainers. Banking giant DBS rose 40 cents to 9.50, United Overseas Bank advanced 50 cents to 11.50 and Oversea-Chinese Banking Corp gained 40 cents to 5.88.
Among property stocks, Capitaland was up 20 cents to 2.76, Keppel Land added five cents to 1.72 and City Developments finished 66 cents higher at 6.48. Singapore Airlines climbed 40 cents to 10.70, shipping firm Neptune Orient Lines climbed a cent to 1.30 and Singapore Telecom ended two cents higher at 2.56. The stock market will closed Friday for a public holiday. Trading will resume Monday.
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