SINGAPORE - Singapore shares closed 2.87 per cent higher Thursday on hopes the economy is on the mend after slipping into a recession last year, dealers said.

The blue-chip Straits Times Index (STI) rose 62.57 points to 2,241.60 on a volume of 4.01 billion shares worth S$3.26b. Gainers led losers 424 to 201, with 557 issues unchanged.

"Investors are increasingly accepting that the economy is past the worst...
they are thinking there could still be a bit more upside for the STI," said a strategist at a local brokerage.

DBS gained 26 cents to S$12.00, Oversea-Chinese Banking Corp rose 23 cents to S$7.03 and United Overseas Bank closed up 20 cents at S$15.08.

Among property shares, City Developments soared 85 cents to S$8.35, CapitaLand advanced 17 cents to S$3.25 and Keppel Land was up 56 cents at S$2.78.

Singapore Airlines climbed 88 cents to S$13.22 and Singapore Telecommunications gained 12 cents to S$2.87.

Agricultural products supplier Olam International fell ten cents to S$1.90, while beverage maker Fraser and Neave rose 13 cents to S$3.26.

- AFP/ir