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Singapore shares end week on upbeat note

Singapore shares end week on upbeat note

SINGAPORE: Local shares bounced back yesterday after a dip on Thursday, due to Wall Street’s solid overnight showing and encouraging domestic growth data.

The key Straits Times Index (STI) advanced 32.69 points, or 0.94 per cent, to finish at 3,501.30, and up 59 points, or 1.7 per cent, for the week.

Other major Asian bourses closed mixed following the sharp rise on Wall Street amid easing United States-China trade tensions and geopolitical concerns.

Key indices in Japan, South Korea, Australia and Taiwan finished higher, while China, Hong Kong and Malaysia ended the week on a lower note.

Advance estimates for the first quarter showed the Singapore economy grew 4.3 per cent year-on-year, which was in line with forecasts.

 The Monetary Authority of Singapore said it will allow a “modest and gradual” appreciation for the Singdollar, moving away from the neutral stance it has held since April 2016.