SINGAPORE: Singapore stocks started higher and continued to increases in the day. Official data just declared showing China’s economy expanded 7.3% in 4Q2014,mostly in line with market hopes, underpinned financier sentiment.
At 10:22am (0222 GMT), gainers outnumbered decliners by slightly more than two to one. The Straits Times Index was up 0.8% at 3,332.93.
The 7.3% increase in the December quarter brought China’s full-year GDP expansion to 7.4%, the slowest pace since 1990, fuelling hopes that Beijing will take more steps to shore up the economy.
The three Singapore banks, which are seeking to do more business in China, were some of the biggest gainers among blue chips.
DBS rose 1% to $19.89, UOB gained 1.2% to $23.25 and OCBC climbed 0.8% to $10.27.
Among lower liners, M1 rose 2.2% to $3.70 as investors welcomed the telco’s increased dividend payout.
“With capex falling, we think M1 has the capacity to continue paying better dividends,” said Maybank Kim Eng.
China Everbright Water was flat at $1.035 after the company said it would issue new shares at 94 cents each to raise $113.4 million for working capital.
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