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Singapore shares open higher tracking US stocks rebound; STI up 0.09%

SINGAPORE shares edged higher at the open on Wednesday after Wall Street stocks rebounded overnight.

The Straits Times Index gained 2.98 points or 0.09 per cent to 3,184.23 as at 9.06am.

Gainers outnumbered losers 103 to 54, after 121.5 million securities worth S$74.5 million changed hands.

Medtecs International was again the most traded by volume, resuming its Tuesday hot streak. It rose S$0.018 or 10.5 per cent to S$0.19 with 36.7 million shares traded.

Another actively traded stock was Healthway Medical, which moved up S$0.002 or 4.4 per cent to S$0.048 after 12.7 million shares changed hands.

Genting Singapore was the top traded counter by value. It slipped S$0.005 or 0.6 per cent to S$0.87 on 11.1 million shares traded.

It was a mixed bag among the three lenders. DBS edged up S$0.01 or 0.04 per cent to S$25.86, OCBC Bank gained S$0.03 or 0.3 per cent to S$10.93 while UOB declined S$0.05 or 0.2 per cent to S$25.91.

Wall Street stocks rebounded on Tuesday following solid US economic data and mixed earnings as markets kept a watchful eye on developments in the China virus outbreak.

The Dow Jones Industrial Average finished up 0.7 per cent at 28,722.85, the broad-based S&P 500 gained 1.0 per cent to 3,276.24, and the tech-rich Nasdaq Composite Index advanced 1.4 per cent to 9,269.70.

European shares also rebounded on Tuesday, led by gains in banks and luxury goods. The STOXX 600 ended up 0.8 per cent.

Elsewhere in Asia, Tokyo's benchmark Nikkei 225 index added 0.4 per cent or 93.89 points to 23,309.60 points in early trade, while the broader Topix index rose 0.2 per cent or 3.35 points to 1,695.63 points.