Singapore stocks rebound; STI gains 1.2% to 3,248.71

SINGAPORE stocks bounced back on Wednesday, with buoyant oil prices and a regional rebound helping the Straits Times Index (STI) to gain 1.17 per cent or 37.54 points to close at 3,248.71.

Gainers outnumbered losers 301 to 150, or about two up for every one down. A total of 2.6 billion shares worth S$1.1 billion changed hands.

The blue chips were mostly positive, with Singapore Telecommunications gaining 0.3 per cent or one Singapore cent to head out at S$3.90.

The three banks rose in tandem. DBS Group Holdings added 2 per cent or 41 Singapore cents to S$21.10, while United Overseas Bank rallied 2 per cent or 45 Singapore cents to S$23.35. OCBC Bank closed at S$10.83, higher by 2.1 per cent or 22 Singapore cents.