Singapore stocks climb on Wednesday as Asia markets rebound; STI up 0.5%

SINGAPORE stocks rose on Wednesday (Feb 16) amid a broader rebound in Asian markets as investors' fears over a possible conflict in Ukraine subsided.

The benchmark Straits Times Index (STI) rose 0.5 per cent or 17.92 points to close at 3,439.30.

Elsewhere, markets in Japan, Hong Kong, Australia and South Korea climbed between 1.1 per cent and 2.2 per cent.

The positive sentiment follows gains overnight on Wall Street, as news emerged that Russia was withdrawing some of its troops from the Ukraine border.

"De-escalating of the Ukraine crisis boosted investor confidence and sent stocks higher overnight," said DailyFX strategist Margaret Yang.

Safe havens including the US dollar and gold declined overnight, showing a reduced appetite for safety, she added. "These assets still remain in focus as President Joe Biden said the US has yet to verify Moscow's claim and an invasion remains possible."

On the local bourse, shares of Thai Beverage were the top STI gainer, after climbing 2.2 per cent to close at S$0.695. The counter was also the most actively traded stock by volume across the broader market for the second day running, with 46 million shares worth S$31.8 million changing hands.

Other top gainers for the day include ComfortDelGro and Venture Corp, which rose 2.1 per cent and 1.6 per cent respectively.

Mapletree Commercial Trust finished at the bottom of the STI performance table, with the units falling 1.6 per cent to close at S$1.82.

Across the broader market, gainers outnumbered losers 272 to 164 after 1.1 billion securities worth S$1.3 billion changed hands.