Singapore stocks join Asia rally; TalkMed recovers

Banks and technology shares led gains in the MSCI Asia Pacific Index.

A Singapore Exchange logo sits outside their head office in Singapore. REUTERS

Singapore equities ended more than 1 percent higher on Thursday, following a rally in Asian shares as hopes of global economic growth gained prominence after hawkish comments from major central banks.

Banks and technology shares led gains in the MSCI Asia Pacific Index after the S&P 500 Index rebounded from the biggest selloff in six weeks.

Central banks around the globe are signalling an end to easy money and need for a rate increase, suggesting the global economy can withstand tighter financial conditions.

The Straits Times Index rose 1.3 percent or 42 points to 3,257. It ended 0.12 percent lower on Wednesday, taking the year-to-date gains to 12 percent.

The gainers included healthcare services provider TalkMed Group, which jumped 5.4 percent after Wednesday's 13 percent slump.

Bank shares climbed, led by United Overseas Bank gaining 2.3 percent and DBS Group rising 2.5 percent.

Hospitality services provider Genting Singapore also rose 1.9 percent.

Among the laggards, Great Eastern Holdings and Japfa fell 1.4 percent and 1.5 percent, respectively.

About 1.7 billion shares worth S$1.2 billion changed hands, with gainers outnumbering losers 310 to 155.