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SINGAPORE : Singapore shares closed 1.16 per cent higher on Monday, drawing strength from regional bourses after China announced a massive economic stimulus package, dealers said.
The Straits Times Index (STI) closed up 21.53 points at 1,885.02. Volume was 1.42 billion shares, with gainers leading losers 269 to 192.
China on Sunday unveiled an economic stimulus plan worth four trillion yuan (586 billion dollars) aimed at boosting domestic consumer demand in the face of flagging exports while foreign markets contract in a global financial crisis.
Dealers said the package helped push regional bourses higher on Monday.
"The amount of money pumped into the China market from the government is supporting it today," one trader said.
Some analysts expect more Singapore gains in coming weeks. "Investors and traders should start positioning for the next leg up," said K Ajith, of UOB Kay Hian brokerage.
Singapore-listed Chinese companies helped lift the STI. Chinese property developer Yanlord Land Group jumped 7.5 Singapore cents to 86.5 cents and Cosco Corp moved up six cents to 93 cents.
Shares in commodity firms also rose on hopes China's move would boost demand for raw materials and energy. Olam International jumped 14 cents to S$1.36 and Noble Group gained six cents to S$1.09.
Oil rig builders were also higher, with Sembcorp Marine rising 11 cents to S$2.09 and Keppel Corp up four cents to S$5.23. - AFP/ms
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