Singapore shares extend gaining streak to 3rd session; DBS, OCBC climb 2%

Singapore stocks continued their winning streak to a third day on Tuesday, tracking gains in Asian equities amidst hopes of global growth recovery.

singapore trader
A trader looks at electronic screens on the dealing floor at DBS Bank's new headquarters in Singapore. REUTERS

Singapore stocks continued their winning streak to a third day on Tuesday, tracking gains in Asian equities amidst hopes of global growth recovery.

Stocks in Asia recovered some of their recent losses as investors took heart from further evidence of strength in the global economy.

Gains on Wall Street overnight also helped MSCI's broadest index of Asia-Pacific shares outside Japan rise 0.5 percent and back towards a decade-high struck earlier this month.

The gains offer some relief after global equities fell from record highs for five straight days to last Thursday as investors became wary of stretched valuations and scant progress on U.S. tax cuts that would boost the world's largest economy.

At 0510 GMT, the Straits Times Index climbed 1.19 percent or 40 points to 3,426. It ended 0.12 percent higher on Friday, taking the year-to-date performance to about 18 percent.

United Overseas Bank gained 1.5 percent, DBS Group Holdings advanced 2.2 percent while Oversea-Chinese Bank added 2 percent.

Singapore-based agribusiness giant Wilmar International rose 0.6 percent after its unit entered into an agreement with Cargill Palm Plantation for the purchase of Cargill's edible oil facilities in Kuantan, Malaysia.

Noble recovered some lost ground on Tuesday after previous day's fall. Fitch cut the Hong Kong-based commodity trader's credit rating and said a default now "appears probable".

About 1.2 billion shares worth S$627 million changed hands, with gainers outnumbering losers 195 to 169.

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