Forbes.com, 14 Jul 2009, Vivian Wai-yin Kwok
Asian shares gained around 2-3% on Tuesday as Singapore's more than 20% economic growth in the second quarter raised hopes that Asia may leap out of recession and even lead a global recovery in the later half of this year.
The Straits Times Index extended its gain to 1.9% at 2,309.17 before the closing bell. Singapore's government revealed Tuesday that the rise in construction and pharmaceutical output helped its economy grow at an annualized and seasonally-adjusted rate of 20.4% in the quarter ended June, the fastest expansion in nearly six years, beating market expectations.
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