Shares close 3.97% higher

SINGAPORE - Singapore shares rose 3.97 per cent on Thursday, cheered by strong performances in the US and regional stock markets, dealers said.

The blue-chip Straits Times Index (STI) gained 67.11 points to close at 1,758.79 on volume of 1.56 billion shares worth $1.41 billion (US$935 million).

Gainers outnumbered losers 364 to 117, with 778 issues unchanged.

The market brushed aside news that Singapore's manufacturing output fell 22.4 per cent in February from the previous year due to slumping global demand for pharmaceuticals and electronics products.

Travel arrivals for February declined 15.2 per cent from a year ago as the worldwide economic slump weighed on tourism, a major revenue earner for the small city-state.

Banking shares were up, with DBS gaining 32 cents to $8.74, United Overseas Bank rising 22 cents to $10.54 and Oversea-Chinese Banking Corp closing 20 cents up at $5.07.

Among property shares, CapitaLand advanced 17 cents to $2.37, City Developments rose 28 cents to $5.29 and Keppel Land edged up six cents to $1.49.

Singapore Airlines gained 28 cents to $10.30 and Singapore Telecommunications closed six cents higher at $2.57.

Motor vehicle firm Jardine Cycle and Carriage advanced $1.22 to $12.34 and beverage-maker Fraser and Neave rose 20 cents to $2.70.