Singapore, Asia shares up on Abe's big win in Japan elections

Singapore's benchmark Straits Times Index rose 21.09 points, or 0.66 per cent, to close at 3,234.35 on Monday, as optimism swirled around the regional markets on the back of an election win by Japanese Prime Minister Shinzo Abe.

A total of 2.08 billion shares worth $1.07 billion changed hands. Gainers outnumbered losers 229 to 172.

Mr Abe's ruling party won a majority of seats in Japan parliament's upper house over the weekend, giving him the mandate to push forward his economic reform plans, which economists hope will pull Japan out of its decades-long stagnation.

Tokyo's Nikkei 225 gained 0.5 per cent on Monday, while China's benchmark Shanghai Composite Index added 0.6 per cent and Hong Kong's Hang Seng rose 0.2 per cent.

"The results of Sunday's Upper House elections are probably the best outcome for the equity markets, especially if, as seems likely, the yen resumes its gradual decline," said economist Marcel Thieliant of Capital Economics in a report.

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