Singapore shares rise on relief rally from US debt deal

THE Singapore market rose, in tandem, with regional bourses on Thursday, as investors heaved a collective sigh of relief from a debt ceiling deal in the United States.

The agreement meant that the world's largest economy would not default on its borrowings.

The blue-chip Straits Times Index was higher by as much as 0.9 per cent during the session, but gave up much of the gains to close up only 12.59 points, or 0.4 per cent, at 3,186.62.

Gainers on the 30-member gauge included Global Logistic Properties, which put on six cents or 2 per cent to $3.04. On Wednesday the company had said that it has recently signed five new lease agreements in China, for a total of 55,000 sq m (592,000 sq ft).