Singapore shares close up 0.48% as STI crosses 3,600 at the finish

SINGAPORE shares were up for a fourth day on Wednesday, with the benchmark Straits Times Index (STI) advancing by 17.16 points, or 0.48 per cent, to 3,609.24.

A total of 2.19 billion shares changed hands to the tune of S$1.62 billion, as gainers beat losers 252 to 210, or six up for every five down.

The day's hot stock was aluminium part maker Midas Holdings, which surged on a churn of 346.5 million shares.

The counter ticked up by 0.8 Singapore cent, or 5 per cent, to close at S$0.168.

Traders told The Business Times that Midas was up on a S$7.7 million married deal of some 44 million shares.

Accrelist saw 17.07 million shares traded, as it added 0.1 Singapore cent, or 16.67 per cent, to 0.7 Singapore cent.

The electronics manufacturer, which has also moved into commodities and fintech, announced on Tuesday that it will be expanding into the realm of medical aesthetics services.

Meanwhile, all three local banks were also up, which was good news for the index.

Singtel picked up by S$0.03, or 0.83 per cent, to S$3.64, on a volume of 21.96 million shares.

But City Developments Ltd shed S$0.02, or 0.15 per cent, to S$13.28, as it reported that its takeover offer of London-listed Millenium & Copthorne Hotels (M&C) is still shy of the conditional acceptance threshold.