Singapore share prices closed 1.66 percent higher on Monday, boosted by better-than-expected economic growth of 6.0 percent in the third quarter, dealers said. The Straits Times Index rose 38.15 points to 2,343.39.
Volume traded totalled 1.3 billion shares valued at 1.3 billion Singapore dollars (770 million US), up from 1.2 billion shares worth 999 million dollars on Friday.
There were 381 rising issues, 190 losers and 523 issues were even.
Preliminary figures released by the government Monday showed gross domestic product (GDP) grew 6.0 percent in the September quarter from a year ago and is faster than the revised 5.4 percent recorded in the June quarter.
Analysts said the preliminary figures indicated the economy was well poised to beat the official growth target of 3.5-4.5 percent.
"Market sentiment was buoyed by the positive GDP data," said a dealer at a local brokerage.
Banks, which are regarded as proxies to the economy all chalked up gains by the close of trading.
DBS added 40 cents to 16.30, United Overseas Bank was 20 cents up at 14.20 and Oversea-Chinese Banking Corp gained 15 cents to 6.45. Property stocks were also winners as demand could pick up due to the improved economic sentiment, dealers said.
Heavyweight property firm City Developments jumped 15 cents to 9.40, CapitaLand added four cents to 3.40, Keppel Land surged 12 cents to 4.24 and Singapore Land advanced five cents to 5.65.
Other blue chips also gained with Singapore Telecommunications three cents higher at 2.49, Singapore Airlines advancing 20 cents to 11.60 and ST Engineering adding one cent to 2.53.
For the technology sector, Chartered Semiconductor dropped one cent to 1.11, Venture fell 10 cents to 13.60 but Creative Technology rose 10 cents to 12.40.