Wednesday December 5, 10:55 AM
Straits Times Index in broad rally, surpassing Sept 11
sg.news.yahoo.com
SINGAPORE (Reuters) - Singapore's main share index soared past the psychologically key September 11 level of 1,566.76 on Wednesday morning for the first time since the U.S. attacks, cheered by rising hopes of an economic recovery.
"It only makes common sense to access funds sloshing around to put into equities. Equities has been very much undervalued," said Gabriel Yap, institutional sales director at Ong & Co.
"We haven't reached a stage where we can say any stocks are expensive at the moment."
By 0220 GMT, the Straits Times Index was up two percent or 30.71 points at 1,568.74. Gainers thrashed losers 142 to 39 in brisk volume of 188 million shares.
Wall Street's rally added fuel to a market already fired up by fund buying ahead of the year-end.
U.S. stocks climbed on Tuesday led by the technology sector as optimism grew about an economic recovery next year.
The tech-laced Nasdaq Composite Index rose 3.06 percent to 1,963.10 points. The blue-chip Dow Jones industrial average moved up 1.33 percent, to 9,893.84.
Technology stocks led the gains in Singapore, with Venture Manufacturing surging to a six-month high of S$14.10, before easing to S$13.90, still up 6.92 percent.
The electronics contract |
