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Singapore shares hit near 1-year peak; SingPost surges to record

Published on May 29, 2014 3:18 PM

SINGAPORE (Reuters) - Singapore shares regained their footing on Thursday, with the benchmark index hitting its highest level in nearly a year, while Singapore Post struck its record high.

The benchmark Straits Times Index rose as much as 1 per cent to an intra-day high of 3,304.78, on course for its biggest daily gain in more than two weeks, as bulls started returning to the markets after a rash of dealmaking activity spurred investor appetite.

MSCI's broadest index of Asia-Pacific shares outside Japan was more muted with a 0.2 per cent gain.

"We've been seeing low turnover the last few days, but today's volume is more bullish because investors are seeing value from the deals that have been happening," said a Singapore-based dealer. "If the big boys are going in, the rest of the market will go along," he added.

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