AFTER dropping 39 points on Tuesday because of a bank-led selloff, the Straits Times Index rebounded 16.01 points on Wednesday to 3,088.48 after US banks pushed Wall Street to a new high overnigh following comments from Federal Reserve chair Janet Yellen about the need to raise interest rates soon.

Turnover here amounted to 3.3 billion units worth S$1.47 billion for an average of S$0.44 per unit, and excluding warrants there were 299 rises versus 187 falls.

Banks turned in a subdued, cautious session ahead of DBS's results on Thursday and UOB's on Friday.