Singapore shares ended sharply higher Monday as investors cheered news that Spain's banks will receive a EUR100 billion ($125 billion) bailout loan, while stronger-than-expected trade data from China also boosted sentiment.
Risk-sensitive Asian currencies and the euro strengthened on the news and stock markets across the region rallied. In Singapore, broad-based gains for blue-chip stocks pushed the benchmark Straits Times Index up 49.92 points, or 1.8%, to close at 2787.81, its highest closing level since May 29, 2102.
Gainers across the market outnumbered losers by almost two to one and volumes improved to 1.01 billion shares compared with 918 million Friday.
However, in spite of the surge in sentiment and strong gains, analysts were quick to remind investors that uncertainty remains and warned of volatile times ahead.
"I wouldn't be too taken in by today's upward bounce because the markets have been very volatile lately. One percent up or down may not be able to confirm the emergence of a visible trend," said Liu Jinshu, deputy lead analyst at SIAS Research.
"There was a positive catalyst from Spain but, again, there are many issues," he added, noting concerns over Italy, the upcoming Greek elections and China's economic growth.
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