Singapore shares advance at Wednesday's open; STI up 0.5%

SINGAPORE shares rebounded on Wednesday morning, after losing some steam by the closing bell on Tuesday.

The benchmark Straits Times Index (STI) gained 14.98 points or 0.5 per cent to 2,809.15 as at 9.01am.

Gainers outnumbered losers 81 to 39, after about 42.6 million securities worth S$74.1 million changed hands.

Among index securities, the most heavily traded by volume was Sembcorp Industries, which gained S$0.08 or 3.8 per cent to S$2.17 with 2.6 million shares traded, while Yangzijiang Shipbuilding was flat at S$1.02 with 2.1 million shares changing hands.

The trio of Singapore banks were all in the green in early trade. DBS gained S$0.29 or 1.3 per cent to S$23.24, UOB added S$0.45 or 2 per cent to S$23.11 on a cum-dividend basis, while OCBC Bank advanced S$0.11 or 1.1 per cent to S$9.81.

Analysts say DBS's move to offer attractive fixed-rate mortgages could put the lender in a prime spot as the top mortgage bank in Singapore.

Meanwhile, OCBC on Tuesday said it has managed to take a "complex face-to-face" wealth advisory process online.

Other active securities include CapitaLand Commercial Trust, which fell S$0.04 or 2.1 per cent to S$1.83, and CapitaLand Mall Trust, which lost S$0.04 or 1.8 per cent to S$2.19.

On Wall Street, equities were mixed as the US Federal Reserve began its two-day meeting.

The Nasdaq powered to its second straight daily record on Tuesday, rising 0.3 per cent to finish at 9,953.75. Meanwhile, the Dow fell 1.1 per cent to 27,272.30, while the broad-based S&P 500 retreated 0.8 per cent to 3,207.18.

Elsewhere in the Asia-Pacific region, Japan's Topix fell 0.6 per cent on Wednesday, as at 9.02am in Tokyo. South Korea's Kospi declined 0.3 per cent, while Australia stocks retreated 0.3 per cent.