STI climbs 1.4% on Wednesday, ending 5-day losing streak

SINGAPORE stocks rebounded on Wednesday (Mar 15), tracking gains across the region and overnight on Wall Street.

The benchmark Straits Times Index (STI) rose 1.4 per cent or 43.17 points to close at 3,172.92.

Sats ended the day as the top index performer after climbing 5 per cent to close at S$2.50.

The local banks were also among the gainers, rebounding after losses earlier in the week. DBS rose 2 per cent, OCBC climbed 1.7 per cent and UOB ended the day up 1.3 per cent.

IG market analyst Yeap Jun Rong noted that technical conditions for the STI were attempting to recover from oversold territory.

“The formation of a bullish hammer candlestick may be supportive of some near-term relief, but for a sustained bullish trend, much still awaits,” he said, noting that institutional investors have been paring their exposure in recent weeks.

“A confirmation break above the 3,170 level may support an upmove to retest the 3,230 level, but a series of resistance may keep any formation of a lower high on watch.”

Just three STI counters ended the day in the red, with Singapore Exchange being the top decliner after falling 0.3 per cent to S$8.68.

Across the broader market, gainers outnumbered losers 348 to 200 after 1.5 billion securities worth S$1.2 billion were traded.

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Shares of Sembcorp Marine were the most actively traded by volume. The counter closed unchanged at S$0.105, after 317.1 million shares worth S$33.8 million changed hands.

Elsewhere, markets in the region mostly rebounded from Tuesday’s losses. Hong Kong’s Hang Seng Index rose 1.5 per cent, South Korea’s Kospi gained 1.3 per cent, and the Shanghai Composite climbed 0.6 per cent. Japan’s Nikkei 225 ended the day flat.