Singapore stocks gain along with Asia; Lenders advance

Asian shares rose after stronger-than-expected U.S. jobs data.

Traders work on the floor of an exchange building. Reuters

Singapore equities rose on Monday, gaining in tandem with Asian shares following a strong session on Wall Street after an upbeat U.S. jobs data.

The MSCI Asia Pacific Index rose 0.5 percent, the most since June 29, after hitting a five-week low Friday.

Meanwhile U.S. stocks rebounded from the biggest selloff since May on Friday after stronger-than-expected U.S. jobs data reinforced optimism of another rate hike by the Federal Reserve.

U.S. non-farm payrolls jumped by 222,000 jobs last month, beating expectations of a 179,000 gain, data showed.

At 0550 GMT, the Straits Times Index rose 0.43 percent or 14 points to 3,243. It ended 0.08 percent higher on Friday, taking the year-to-date gains to 12.1 percent.

Among the lenders, Oversea-Chinese Banking Corp and United Overseas Bank advanced 0.8 percent each while DBS Group Holdings rose 0.7 percent.

Chemical maker Jiutian Chemical jumped 10 percent after Friday's slump.

Engineering group Miyoshi jumped 5.7 percent after it swung to a third-quarter profit.

Laggards included commodity trader Noble Group down 1.7 percent while Alliance Mineral dropped 9 percent.

About 1.2 billion shares worth S$443 million changed hands, with gainers outnumbering losers 212 to 147.