Singapore shares surged 2.5% by midday on Thursday to a two-week high, buoyed by gains in lenders such as United Overseas Bank (UOB) (UOBH.SI) as major central banks moved to provide cheaper dollar funding and China lowered its reserve requirement ratio.
UOB rose as much as 5.2% while larger bank DBS Group Holdings (DBSM.SI) gained 3.6%, as the coordinated efforts by six central banks on Wednesday temporarily eased concerns over the fallout from the euro zone crisis.
At 1:00 p.m., the Straits Times Index (STI) <.FTSTI> was up 2.5%, or 67.70 points, at 2,770.16. Around 886.8 million shares worth $862.1 million were traded, compared with 607.6 million shares worth $743.1 million that changed hands by the same time on Wednesday.
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