Singapore shares gain by over 2 pct on Australia rate cut

SINGAPORE, Oct 7 - Singapore shares <.FTSTI> reversed early losses and was up 2 percent around midday led by financials after Australia's central bank cut the country's interest rate by a bigger-than-expected 100 basis points.

Singapore's top lender DBS Bank <DBSM.SI> gained 2 percent, while rival OCBC <OCBC.SI> was 3.6 percent higher.

Bourse operator Singapore Exchange <SGXL.SI> was also up 2.4 percent, while Singapore Telecommunications <STEL.SI> rose 3.3 percent to make up for some of Monday's losses.

Around 0403 GMT, the benchmark Straits Times Index <.FTSTI> was up 2.27 percent at 2217.59.

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