Singpoare Stocks surged 1.5 per cent on back of strong global cues and decent rally in regional exchanges. Asian stocks ended higher on hope of easing recession in major financial markets.

Furthermore, the dealers witnessed the blue-chip Straits Times Index (STI) closing up 36.11 points at 2,329.08 on volume of 3.0 billion shares worth 2.64 billion Singapore dollars (1.82 billion US).

The dealers commented that the market reflected gains on other Asian bourses, which were in turn fuelled by a rise on Wall Street. 

Shares for banking majors were mixed as United Overseas Bank eased six cents to 14.26, DBS rose 20 cents to 11.80 and Oversea-Chinese Banking Corp edged up six cents to 7.24.

A jump in City Developments’ property shares was seen by 41 cents to 9.45, while CapitaLand gained 10 cents to 3.80 and Keppel Land closed up 14 cents to 2.46.

In today’s trading session, Singapore Telecommunications advanced 10 cents to 3.01, while Singapore Airlines fell six cents to 12.50.  

A rise was noticed in Agribusiness group Wilmar International by 24 cents to 4.92 and property developer Yanlord Land was up eight cents at 2.18.