Singapore stocks recover on buying spree

Singapore stocks recover on buying spreeSingapore  - An afternoon buying spree Tuesday brought some relief to Singapore's battered Straits Times Index, which nosedived in the first hour of trading.

The index made a turnaround, gaining 66.21 points, or 4.41 per cent, to close at 1,666.49.

The index had dropped to a low of 1,475.86 within the first hour of trading to start the week on a bearish note after being closed Monday for a holiday.

A total of 1,490.5 million shares were traded on the Singapore Exchange with 364 stocks recording losses and 205 managing gains.

Many of the Asian stock markets were banking on some good news from the US Federal Reserve meeting on Tuesday and Wednesday. The US central bank was expected to make a further cut to interest rates to help ease the impact of the global financial crisis, stock market and corporate analysts said.

But the undertone is still bearish and the Straits Times Index was expected to be under pressure like most regional stock indices, they said. (dpa)

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