01 Aug '11, 10am

Singapore shares rise on US debt deal

SINGAPORE - Singapore share prices ended 0.8% higher on Monday amid stronger Asian stocks as investors cheered news regarding progress in the US debt-ceiling talks and upbeat Chinese economic data. Asian equities rose after US President Obama confirmed that congressional leaders have reached an agreement to lift the debt ceiling and reduce the federal deficit. Investor sentiment was also lifted by news that China's official PMI remained in expansionary mode in July, albeit falling slightly to 50.7 from 50.9 in June. Singapore's blue-chip Straits Times Index rose 26.01 points to close at 3,215.27. In the broader market, overall volume traded was 1.46 billion shares, with gainers outpacing losers 347 to 186. Among the gainers, Olam International rose 1.9% to S$2.69, Noble Group gained 1.6% to S$1.90, Golden Agri-Resources ended 1.4% higher at S$0.740, while Wilmar Internatio...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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