Singapore stocks edge higher; OCBC, DBS Bank gain

SGX Logo. Reuters

Singapore shares ended higher on Monday, tracking gains in regional equities on signs of strong global economic growth.

Asian shares extended rally following a surge in Wall Street, with the Dow closing at fresh record highs on Friday amid upbeat corporate earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4 percent, aiming for a 12th straight session of gains. It is up 8 percent for the year so far. Japan's Nikkei rose 0.5 percent as the yen eased a little, while South Korea notched a record, Reuters data showed.

The Straits Times Index advanced 0.28 percent or 10 points to 3,577. It ended 0.15 percent lower on Friday, taking the year-to-date gains to about 5 percent.

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The city-state's top lenders Oversea-Chinese Banking Corp gained 1 percent, United Overseas Bank edged up 0.1 percent and DBS Group Holdings added 0.2 percent.

Active stocks included, ISR Capital climbing 17 percent to S$0.01 while Imperium Crown jumped 4 percent to S$0.07 in afternoon trades.

Noble ended unchanged amid reports the commodities trader has reached a deal with creditors to restructure its $3.5 billion debt.

About 2.3 billion shares worth S$1.3 billion changed hands, with gainers outnumbering losers 238 to 208.

This article was first published on January 29, 2018