STI up 0.16% as equities markets across Asia gain despite a flat Wall Street overnight

SINGAPORE stocks closed higher on Wednesday, in spite of gapping down at the opening bell when it tracked a tepid Wall Street overnight.

But the blue-chip gauge, the Straits Times Index, managed to eke out a gain of 5.13 points or 0.16 per cent to wrap up trading at 3,219.56 points.

Singapore reported an improved job market on Wednesday; likewise, key markets in the region, with the exception of South Korea, mostly posted gains, with some driven by favourable macroeconomic data.

Sembcorp Marine traded heavily, with about 258.6 million shares transacted, making it the most active counter. The shares closed up at S$0.22 on a gain of 10 per cent, in spite of no reported news recently on the offshore and marine player.

Singapore Airlines (SIA) and the aviation-related stocks (ground-handler cum inflight caterer Sats and SIA Engineering) skidded on Wednesday, after having benefited on Tuesday from news reports about the air-travel bubble between Singapore and Hong Kong.

The flag carrier closed at S$5.15, lower by 2.83 per cent; Sats was down 1.44 per cent to S$4.12, and SIA Engineering, down 1.28 per cent to S$2.32.

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Gainers outnumbered losers 257 to 220 on a turnover of 1.79 billion securities worth S$1.19 billion changing hands.

South Korea's Kospi Index was a standout from its Asia-Pacific peers as there was a sell-off in heavyweight stocks ahead of an expected change in policy on short-selling ban in May. The benchmark lost 1.06 per cent to 3,181.47 points

Australia's S&P/ASX 200 Index rose 0.44 per cent to 7,064.67 points. The Shanghai Composite Index was up 0.42 per cent to 3,457.07 points, and its counterpart Hong Kong's Hang Seng Index made a 0.45 per cent gain to close at 29,071.34 points.

Japan's Nikkei 225 Index was 0.21 per cent higher at 29,053.97 points. The FTSE Bursa Malaysia Kuala Lumpur Composite inched up 0.11 per cent to 1,608.50 points.