Singapore - Singapore shares rose by 2.16 per cent Friday, starting the new year on a positive note though traders remained concerned about the deepening global economic recession.

The Straits Times Index (STI) rose by 38.16 points or 2.16 per cent to 1,799.72.

The Singapore Exchange closed with 305 gainers against 113 losers.

Volume totaled 955.5 million shares.

Market analysts said the first day of 2009 trading brought out buyers, lifting the STI, which for the whole of last year had dropped by 49 per cent.

But the traders remained concerned about how hard the global economic recession would hit Singapore, which according to the government's projection on Friday could end with a minus 2 per cent gross domestic product growth or at best manage a 1 per cent growth for this year. (dpa)