Market picks up on US stocks' rally

RENEWED optimism in the new year about the incoming Trump administration helped Singapore shares extend its gains on the second trading day of 2017.

Led by a rally in the three banking stocks - OCBC, DBS and UOB - the benchmark Straits Times Index (STI) clocked 22.34 points or 0.77 per cent higher to finish at 2,921.31 on Wednesday, after retreating from an intraday high of 2.932.35 in the late afternoon.

Despite the weak turnover of almost 2.3 billion units worth S$967 million, trading was firm with gainers outnumbering losers 280 to 151, excluding warrants.