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SINGAPORE: Singapore shares closed 6.57 percent higher on Monday, boosted by European governments' moves to support the beleaguered banking sector, dealers said. But they added that caution remained in the market.
The blue-chip Straits Times Index finished 128.02 points higher at 2,076.35 on volume of 1.59 billion shares worth S$1.62 billion (US$1.10 billion). Gainers edged losers 295 to 251, with 760 unchanged.
CIMB bank said actions by world governments to address a credit crunch drove the rebound, but worries of slower global growth will likely remain.
One trader said the rebound was a "purely technical bounce" as the index looked very oversold. "I don't think we've reached the turning point for sentiment yet," he said.
European governments attacked the global financial crisis on several fronts on Monday by buying into banks and giving huge new loans.
Britain ploughed 37 billion pounds (US$64 billion) into a trio of struggling banks, while sources in Europe's biggest economy, Germany, said the government there was to unveil a 470-billion-euro (US$638 billion) rescue package to save the country's banks from collapse.
Property firms were key gainers, with CapitaLand up 22 cents to S$2.73, City Developments rising 72 cents to S$7.20, and Keppel Land up 21 cents to S$2.01.
Oil rig builder Sembcorp Industries was up 25 cents at S$2.70, while Singapore Airlines gained 66 cents to S$12.66 and Neptune Orient Lines rose 20 cents to S$1.76.
UOB bank was up 90 cents to S$15.70, while OCBC gained 26 cents to S$6.42 and DBS was up 86 cents to S$14.86.
- AFP/so
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