Singapore stocks extend gains on Wednesday; STI up 1.5%

THE Straits Times Index (STI) recorded gains for the second straight session on Wednesday (Mar 22), closing 47.05 points or 1.5 per cent higher at 3,220.98.

In the wider Singapore market, gainers outnumbered losers 386 to 208, with 1.87 billion securities worth S$1.39 billion traded.

“The absence of any negative developments in the banking sector has further brought calm to the risk environment,” said IG market analyst Yeap Jun Rong.

“As we head into the Federal Reserve meeting, expectations have been rooted that the Fed will take on a reassuring stance,” he added. “The economic calendar remains quiet, pointing to some wait-and-see ahead of the upcoming Fed’s decision.”

Mapletree Pan Asia Commercial Trust was the biggest winner among the constituent stocks, gaining 2.9 per cent or S$0.05 to close at S$1.77.

All 30 STI constituents registered gains on Wednesday.

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Genting Singapore was the most actively traded blue-chip counter. The integrated resort operator closed 1.9 per cent or S$0.02 higher at S$1.09, after 65.3 million shares changed hands.

The trio of local banks were among the top gainers on Wednesday. DBS rose 1.8 per cent or S$0.59 to S$33.50, OCBC gained 1.3 per cent or S$0.16 to S$12.36, while UOB jumped 2.9 per cent or S$0.82 to end at S$29.50.

The improved sentiment on the banking front also saw key markets across Asia mostly finish higher.

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Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index were the top gainers, up 1.9 per cent and 1.7 per cent, respectively. The Shanghai Composite Index, South Korea’s Kospi and the FTSE Bursa Malaysia KLCI rose between 0.3 per cent and 1.2 per cent.