Wednesday, May 16, 2012

Singapore shares end 0.4% higher

SINGAPORE - Singapore share prices ended 0.44% higher on Tuesday, helped by bargain hunting in blue chips.

The blue-chip Straits Times Index (STI) closed 12.58 points higher at 2,876.70, rebounding slightly after falling 0.
7% on Monday and 3.6% last week.

The STI's bounce got a lift in the afternoon, as markets in Europe opened stronger on news that Germany's economy grew far more than expected in the first quarter amid a surge in net exports while France's economy avoided a contraction, fuelling hopes that the euro zone might yet sidestep recession.

In the broader Singapore market, gainers outnumbered 200 to 180. Overall volume traded was 1.64 billion shares worth S$1.19 billion.

Among the gainers, Neptune Orient Lines ended up 2.4% at S$1.07.

Local banks also rose, with DBS Group Holdings ending up 0.7% at S$13.77 while Oversea-Chinese Banking Corp gained 0.1% to end at S$8.85 and United Overseas Bank rose 1.2% to S$18.31.

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Source From Channel News Asia

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