Singapore shares open higher on Wednesday

SINGAPORE share prices opened 0.89 per cent higher on Wednesday with the Straits Times Index up 25.67 points to 2,904.81 at 9.07am.

This followed in the footsteps of Tokyo shares, which opened higher on Wednesday with investors heartened by a weaker yen on strong US economic data.

On Wall Street, stocks rebounded modestly on Tuesday as strong US economic data compensated for a drop in oil prices that hit petroleum-linked equities.

On the Singapore bourse, the three local banks featured among the highest value traded stocks: DBS Bank (up 22 cents to S$17.57), United Overseas Bank (up 30 cents to S$20.38) and OCBC Bank (up 13 cents to S$9.15).

Overall on the stock market, 149.6 million shares worth S$379.8 million changed hands. Gainers outnumbered losers 100 to 52 as at 9.07am.