SINGAPORE (Thomson Financial) - Singapore shares opened higher on Monday
following the Dow's gains on Friday after U.S. jobs data eased concerns about
the world's biggest economy.
The Dow Jones Industrial Average closed up 48.20 points or 0.4 percent at
13,058.20.
U.S. employers continued to cut jobs in April but the number fell to 20,000,
the fewest monthly job losses so far this year, from 81,000 job cuts in March.
The jobs data followed a report last week that the world's biggest economy
continued to expand in the first quarter by 0.6 percent, against a modest 0.2
percent contraction forecast by Thomson IFR.
"U.S. economic data remained pretty uninspiring, although it's worth noting
that it was not as bad as expected," said Shane Oliver, head of investment
strategy and chief economist at AMP Capital Investors in Sydney.
The available data so far are consistent with a slowdown but not a recession
in the U.S., he said.
At 9:04 a.m. (0104 GMT), the benchmark Straits Times Index was 20.75 points
or 0.6 percent higher at 3,256.85.
Gainers outnumbered decliners 153 to 49 with 1,341 stocks unchanged.
There were 62.8 million shares traded valued at S$121.7 million.
($1 = S$1.36)
pearl.bantillo@thomsonreuters.com
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jb/ng
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