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SINGAPORE : Singapore share prices closed 4.14 per cent higher on Tuesday, mirroring a strong rebound in other Asian stock markets, dealers said.
The Straits Times Index rose 66.21 points to 1,666.49, reversing a sharp fall earlier in the day, but analysts said sentiment remained weighed down by a bleak economic outlook.
Volume was 1.49 billion shares.
However in the broader market, losers led gainers 364 to 205.
Singapore's central bank said on Tuesday that the economy, which is already in a technical recession, would remain weak in 2009 on projections the global economic outlook would deteriorate further.
As a financial crisis evolves to impact economic activity worldwide, the city-state is likely to be hammered given its heavy exposure to external demand, the Monetary Authority of Singapore (MAS) said in its Macro Economic Review.
It said economic growth was likely to come in at 3.0 per cent this year "and the economy will continue to grow below its potential rate into 2009".
Prospects for a recovery late next year will hinge on the performance of Singapore's main trading partners like the United States, Europe and Japan which have also been hit hard by financial turmoil.
Banking stocks rebounded, with DBS rising 16 cents to S$10.20, United Overseas Bank up 66 cents to S$12.74 and Oversea-Chinese Banking Corp advancing
23 cents to S$5.11.
Among the property counters, CapitaLand added six cents to S$2.64, Keppel Land gained three cents to S$1.62, but City Developments eased five cents to S$6.05.
Index heavyweight Singapore Telecom jumped 35 cents to S$2.41, Singapore Airlines rose 28 cents to S$10.80, Singapore Press Holdings edged up one cent to S$3.32 and shipping firm Neptune Orient Lines finished seven cents higher at S$1.10. - AFP/ms
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