Singapore shares had a roaring start to 2017, with the Straits Times Index yesterday closing 24.48 points higher at 3,006.02, the first time it has ended above 3,000 points in more than a year.

The local bourse outperformed the rest of Asia in the first seven trading days of this year, with a 4.35 per cent gain. Hong Kong was second, with a 3.38 per cent gain, and Thailand third, with a 1.89 per cent gain. Bank stocks rallied on expectations of interest rate hikes.

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