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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (61091)	2/28/2002 2:01:10 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Blue chips drag Straits Times Index higher sg.news.yahoo.com Thursday February 28, 1:28 PM SINGAPORE (Reuters) - Singapore shares, which ignored fresh signs of economic recovery in the morning, crawled higher by midday on Thursday as blue chips led the way. But moderate volume of 177 million shares, compared with 226 million on Wednesday, suggested sentiment was still cautious. Recession-hit Singapore said early on Thursday gross domestic product (GDP) contracted 2.0 percent year on year in 2001. But the government signalled greater confidence in a recovery by raising its growth forecast for this year to 1.0 to 3.0 percent -- up from minus 2.0 to plus 2.0 percent -- in line with earlier projections by Prime Minister Goh Chok Tong. The Ministry of Trade and Industry also said the economy shrank 6.6 percent for the fourth quarter year-on-year but grew 5.6 percent on an annualised quarter-on-quarter basis. Flash estimates, based on two months of data in January, had predicted the economy shrank 2.2 percent in 2001 and 7.0 percent in the fourth quarter year-on-year. "For last year, simply the worst is behind us," said Song Seng Wun, an economist at GK Goh. "Looking forward, data at this point are very encouraging."