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SINGAPORE - Singapore shares closed 0.71 per cent higher on Friday, ending three days of losses, after Wall Street rebounded on news that the US economy posted its strongest growth in two years, dealers said.
The blue-chip Straits Times Index advanced 18.82 points to 2,651.13 on a volume of 1.78 billion shares worth S$1.66 billion. Gainers outnumbered losers 286 to 207, with 879 issues unchanged.
While the index ended higher, it was still below its session peak of 2,676.95.
"There are still some concerns, the main one being whether real economic growth will be able to take over from government stimulus plans as the driver of recovery," a trader at a foreign brokerage said.
Among the banks, United Overseas Bank (UOB) closed up 2.15 per cent at S$17.08 as it outperformed the main index after beating forecasts for its third quarter earnings.
UOB said Friday its net profit rose an annual 5.3 percent to S$500 million, boosted by a hefty rise in non-interest income from investment activities.
DBS Bank was up 14 cents to S$13.06 and Oversea-Chinese Banking Corp rose one cent to S$7.66.
Singapore Telecommunications dipped four cents to S$2.94, Singapore Airlines climbed four cents to S$13.60 and CapitaLand gained six cents to S$4.14.
- AFP/ir
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