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SINGAPORE : Singapore shares closed 3.83 per cent higher on Wednesday, boosted by hopes the ailing US auto sector may soon get a massive state bailout, dealers said.
The Straits Times Index rose 67.12 points to 1,821.70. It was the first time in almost four weeks that the index moved above 1,800.
Volume was 1.78 billion shares.
Gainers led losers 350 to 152.
The White House and Democratic congressional leaders said they had reached a deal in principle on a 15-billion-dollar rescue for the US automotive industry that could be ready for a vote on Wednesday, but many lawmakers remained sceptical.
"Some people say a super bull is coming" even in the current bear market, one local trader said.
Conglomerate Keppel Corp was a key gainer, up 45 cents to S$4.50, while Sembcorp Industries rose 25 cents to S$2.43 and Neptune Orient Lines climbed 14 cents to S$1.26.
Property play CapitaLand jumped 16 cents to S$2.86, and City Developments finished 27 cents higher at S$6.18.
DBS led gains among local banks, rising 42 cents to S$9.99. - AFP/ms
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