Asia
Singapore Shares Surge More Than 1% as DBS Books Record Total Income
Singapore shares zoomed over 1% at the close on Thursday, with the market buoyed by DBS (SGX:D05) driving investor sentiment after posting record net income for the first quarter of the year.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,880.67 and 4,917.19 throughout the day. It ended the session at 4,912.69, up 51.72 points or 1.1% compared to Wednesday's close.The bank's shares closed over 3% higher with its total income up 1% year over year to SG$5.95 billion from SG$5.91 billion.Meanwhile, Asian markets remained positive, boosted by progress made by Japan and the US over tariff negotiations.In economic news, Singapore's manufacturing prices jumped 20.3% year over year in March, extending the 5.4% increase in the previous month, the city-state's Department of Statistics reported.Meanwhile, Singapore's Export Price Index rose 8.4% year on year in March, reversing a 4.2% decline in the preceding month.Singapore's total employment grew by 5,000 during the first quarter of the year, compared to 2,300 a year earlier, marking the 18th consecutive quarter of job growth, according to preliminary data from the Ministry of Manpower.Lending activity in Singapore expanded in March, with total loans and advances to residents rising to SG$902.3 billion from SG$893.6 billion in February, according to preliminary data released by the Monetary Authority of Singapore.In other corporate news, Tianjin Pharmaceuticals Da Ren Tang's (SGX:T14) shares were up nearly 7% at the close as its net attributable profit to owners during the first quarter of the year jumped by 13% to 423.8 million yuan from 374.2 million yuan a year earlier.
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