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Singapore Stock Market Update

Singapore shares edged up after releasing of GDP data, with STI up 21.68 points to open at 3152.1. Shares recover from yesterday’s losses but continue to move choppy in early trades.
Prime Minister Lee Hsien Loong yesterday announced sweeping changes to his Cabinet line-up, bringing in new chiefs for 11 of the 14 ministries and promising all ministers a ‘free hand’ to reshape policies.

Singapore GDP (1Q) : Singapore revised up its 2011 forecast range for GDP growth to 5% – 7% from the previous forecast of 4% – 6%, citing modest recovery in developed economies and healthy Asian growth. It said expansion in manufacturing and the financial services sector will underpin Singapore’s economic growth, while downside risks include a tight labor market, as well as European sovereign debt concerns, a prolonged slowdown in industrial activities in Japan and rising oil prices.
U.S. Initial Jobless Claims, April Existing Home Sales and the April Leading Indicators

News Updates:
Hong Kong shares gained 0.25% in early trade on Thursday, with the Hang Seng Index climbing 56.46 points to 23,067.60. Cnooc Ltd. led a rally in commodity producers on Nymex oil futures’ return above the $100-a-barrel level, with Chinese property and financial stocks also aided by a weakened U.S. dollar and overnight gains

Japan’s GDP contracted by 0.9% during the January-March quarter, marking a 3.7% year-on-year drop, the government reported Thursday. The Japanese economy shrinks by more than expected and returns to recession with a second consecutive quarter of contraction.

Adapted from: Daily Markets (By: Vivien Chia)

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