Singapore stocks: STI resumes Wednesday afternoon up 1.31% on day

SINGAPORE stocks resumed trading on Wednesday afternoon higher, amid hopes that the worst may be over for the novel coronavirus situation, although investor concerns remain.

The Straits Times Index was up 1.31 per cent or 41.65 points on the day to 3,217.22 as at 1.03pm.

Advancers outnumbered decliners 244 to 106, after about 987.6 million securities worth S$772.3 million changed hands.

Among the most heavily traded by volume as at 1.04pm, China Real Estate Group held steady at S$0.001 with 79.1 million shares traded, while Trendlines Group gained 0.3 Singapore cent or 2.4 per cent to S$0.127, with 53.3 million shares traded. Broadway Industrial Group rose 1.9 Singapore cents or 24.7 per cent to S$0.096, with 46.9 million shares traded.

Banking stocks were trading stronger by the afternoon. As at 1.04pm, DBS was up 33 Singapore cents or 1.3 per cent to S$25.42, UOB gained 35 Singapore cents or 1.4 per cent to S$26.13 and OCBC Bank rose 20 Singapore cents or 1.9 per cent to S$10.97.

Other active securities include Singtel, which rose three Singapore cents or 0.9 per cent to S$3.33 and City Developments Limited, which rose 39 Singapore cents or 3.6 per cent to S$11.24.

A senior medical adviser from China said on Tuesday said the novel coronavirus outbreak would hit a peak this month and the outbreak might be over by April. The number of deaths in China's central Hubei province rose by 94 to 1,068 as at Tuesday, while a further 1,638 new cases were detected in the province - the lowest since Jan 31.

Elsewhere in the Asia-Pacific region, Australian and New Zealand shares also traded stronger. The S&P/ASX 200 index rose 0.4 per cent to 7,086.1 by 2352 GMT. Meanwhile, New Zealand's benchmark S&P/NZX 50 index gained as much as 0.7 per cent.