SINGAPORE - Local shares climbed to their highest level in a year on Thursday, even as most other regional bourses fell.

The Straits Times Index gained 28.87 points, or 0.88 per cent, to close at 3,300.71.

Some 2 billion shares worth $1.35 billion changed hands in all.

SingPost was a big winner, surging 13 cents, or 8.4 per cent, to $$1.68 after announcing on Wednesday that it was selling a 10 per cent stake to Chinese e-commerce firm Alibaba.

SingTel, which has agreed to sell part of its stake in SingPost to Alibaba, also rose six cents to $3.89.