SINGAPORE - Singapore shares opened 2.21 per cent higher Monday following gains late last week on Wall Street.

The main Straits Times Index rose 29.72 points to 1,893.21 on a volume of 1.21 billion shares. There were 154 gainers and 31 losers.

South Korean share prices opened 1.6 per cent higher, with the KOSPI index beginning the session up 17.77 points at 1,152.26.

Japan's Nikkei stock index rose more than five per cent in early trade and Australian shares opened 2.0 per cent higher. The benchmark S&P/ASX 200 rose 82.2 points to 4,133.5 a few minutes after the market opened.

US stocks rallied Friday after two days of steep losses on recession fears, despite grim data showing October unemployment spiked to a 14-year high and hefty quarterly loss from General Motors and Ford.

The Dow Jones Industrial Average leapt 248.02 points (2.85 per cent) to finish at 8,943.81 and the tech-heavy Nasdaq rose 38.70 points (2.41 per cent) to 1,647.40.

The broad Standard & Poor's 500 index gained 26.11 points (2.89 per cent) to 930.99.

-CNA/yt