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Singapore shares up 0.8% on Tuesday morning after sell-off

SINGAPORE equities clawed back some losses from the first hour of trading on Tuesday, reversing a 0.8 per cent fall at the open to trade 22.57 points or 0.8 per cent higher at 2,804.94 as at 10.48am.

The recovery for the city-state's blue-chip index comes after Wall Street had its worst session since December 2008, where key indices shed more than 7 per cent.

"With the situation over Covid-19 still fluid and the oil price war likely to persist in the near term, investors could be buying counters on the dip but in small amounts," a trader told The Business Times.

Volume traded on the Singapore bourse clocked in at 672.09 million securities with a total turnover of S$982.84 million.

Across the market, advancers outpaced decliners 221 to 186. The blue-chip index had six of its 30 counters trading in the red.

Singtel was the most traded STI counter. The telco was up S$0.04 or 1.4 per cent to S$2.85 with 24.2 million shares changing hands.

The local banks are also rebounding after hitting fresh 52-week lows on Monday. DBS edged up S$0.01 or 0.5 per cent to S$21.16, OCBC Bank advanced S$0.13 or 1.4 per cent to S$9.65 while United Overseas Bank was trading at S$21.17, rising S$0.21 or 1 per cent as at 10.49am.

Among real estate investment trusts (Reits), Ascendas Reit units added S$0.02 or 0.6 per cent to S$3.28 and CapitaLand Commercial Trust units were trading S$0.01 or 0.5 per cent higher at S$1.96.

Elsewhere in the Asia-Pacific, equity benchmarks were mixed after Monday's bloodbath, where they had fallen between 3 and 7 per cent. Australia and Malaysia were up while China, Japan and South Korea were lower.