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SINGAPORE stocks advanced, sending the benchmark Straits Times Index to the 3,000 points level for the first time since 2008, after the government raised its economic-growth forecast for the second time this year, reported Bloomberg news.
DBS Group Holdings Ltd, South-east Asia's biggest lender, climbed 3.5 per cent. City Developments Ltd, the second-biggest homebuilder in Singapore, gained 1.6 per cent. Singapore Press Holdings Ltd, the biggest newspaper publisher, rose 1 per cent after saying second-quarter profit increased.
'The government's very bullish forecast suggests the rebound is quite strong. It's encouraging that the recovery is fairly broad-based,' Chua Hak Bin, head of research at Citigroup Inc in Singapore, told Bloomberg.
The Straits Times Index increased 1.08 per cent to 3,003.73 as of 12.45pm, headed for its highest closing level since June 20, 2008. Gross domestic product will grow by as much as 9 percent in 2010, the Ministry of Trade and Industry said on Wednesday, compared with a previous estimate of as much as 6.5 per cent.
The economy expanded an annualised 32.1 per cent in the first quarter from the previous three months, when it shrank 2.8 per cent, said MTI. That was better than the median estimate for 18.4 per cent growth in a Bloomberg News survey of 11 economists.
DBS Group Holdings Ltd, South-east Asia's biggest lender, climbed 3.5 per cent. City Developments Ltd, the second-biggest homebuilder in Singapore, gained 1.6 per cent. Singapore Press Holdings Ltd, the biggest newspaper publisher, rose 1 per cent after saying second-quarter profit increased.
'The government's very bullish forecast suggests the rebound is quite strong. It's encouraging that the recovery is fairly broad-based,' Chua Hak Bin, head of research at Citigroup Inc in Singapore, told Bloomberg.
The Straits Times Index increased 1.08 per cent to 3,003.73 as of 12.45pm, headed for its highest closing level since June 20, 2008. Gross domestic product will grow by as much as 9 percent in 2010, the Ministry of Trade and Industry said on Wednesday, compared with a previous estimate of as much as 6.5 per cent.
The economy expanded an annualised 32.1 per cent in the first quarter from the previous three months, when it shrank 2.8 per cent, said MTI. That was better than the median estimate for 18.4 per cent growth in a Bloomberg News survey of 11 economists.
