Singapore stocks rise to 2007 highs; United Overseas Bank, DBS advance

SGX Logo. Reuters

Singapore shares rose as much as 0.5 percent to their highest since December 2007 on Thursday, helped by lenders such as DBS Group while positive Asian equities also supported sentiment.

Asian shares hit record highs as a rally by Wall Street lifted global risk appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, building on the previous day's gains to make a fresh peak., Reuters data showed.

Stocks in the U.S. closed higher overnight with the Dow ending above 26,000 for the first time as investors' expectations for higher earnings boosted stocks.

At 0530 GMT, the Straits Times Index was up 0.07 percent or 3 points to 3,544. It ended 0.23 percent lower on Wednesday, taking the year-to-date gains to about 4 percent.

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The city-state's top lenders United Overseas Bank and DBS Group Holdings rose 0.7 percent each, while technology service provider Venture Corp climbed 2.2 percent to its highest in 14 years.

Active stocks included, IPCO International falling 33 percent to S$0.002 while Infinio gained 50 percent to S$0.003 in afternoon trades.

Property developer City Developments rose 0.3 percent after saying the offer to privatise London-listed Millennium & Copthorne Hotels (M&C) will not be extended beyond January 26.

About 913 million shares worth S$627 million changed hands, with gainers outnumbering losers 200 to 168.

This article was first published on January 18, 2018