Singapore - Singapore shares rose Friday, making a technical turnaround on news of the government's financial support to local businesses.

The Straits Times Index rose by 2.67 per cent or 43.12 points to close at 1,657.07.

The Singapore Exchange closed with 208 gainers against 182 losers in thin trading, with volume of 934.8 million shares.

Analysts and economists said the market regained some ground after having been on the downward trend for the week.

While the government had revised down its economic growth for this year with a possible contraction next year, it has announced on Friday a 2.3-billion-Singapore-dollar (1.5-billion-US-dollar) loan support to local businesses.

"This was seen as a positive development on the economic front though the outlook for next year remains bearish," said an industry analyst. (dpa)