U.S. stocks surged as President Barack Obama’s plan to shore up lenders and Bank of America Corp. share purchases by company executives sent financial equities to their biggest rally in two months.

The STI closed down 18.85 points at 1,704.52 on volume of 830 million shares worth $848 million. Singapore 4Q08 GDP shrank 16.9% on an annualized basis. The Ministry of Trade and Industry forecast 2009 GDP to shrink between 2% to 5%.

STI gap resistance at 1760 and support at 1639.

Events to note:

• Singapore Budget: Thursday --- to benefit properties, reits, commodities
• China 2008 GDP data: Thursday --- likely to be a damper

Results:
1. Kepland 4Q08 profit fell 87%
2. CapitaRetail China Trust earnings for 4Q jumped 76%
3. First Ship Lease FY08 earnings fell 23%
4. Fortune Reit's 4Q08 net property income up 6.8%