Singapore stocks: STI resumes Wednesday afternoon at 3,219.59, down 0.13% on day

INVESTORS in Asia were more optimistic on Wednesday, thanks to a positive showing by Wall Street and remarks made by the US and China that eased trade worries. However, Singapore's Straits Times Index (STI) was weighed down by counters that posted earnings before the market opened.

The STI traded at 3,219.59, down 4.12 points or 0.13 per cent, as at 1.03pm on Wednesday.

Shortly after the afternoon session commenced, volume clocked in at 580.14 million securities traded and total turnover came in at S$475.56 million.

Across the market, advancers outpaced decliners 180 to 115.

Memtech International shares surged on Wednesday, after the Chuang family that controls the electronics components manufacturer made a voluntary conditional offer of S$1.35 in cash for each share, in a bid to delist the company. Shares were trading at S$1.33, adding 24 cents or 22.2 per cent.

The benchmark index had 17 of the STI's 30 components trading in the red.

Among them was Singtel, which dropped three Singapore cents or 0.95 per cent, on 9.2 million shares traded. The telco reported before market open that fourth quarter profit gained 0.4 per cent to S$773 million, but for the full year, bottom line was down 43 per cent.

City Developments Limited shares fell eight Singapore cents or 0.9 per cent to trade at S$8.60. The real estate player posted first quarter profit of S$199.6 million and revealed plans to invest 5.5 billion yuan in China property developer before market open.

The local banks were mixed with DBS Group Holdings was trading S$0.24 or 0.9 per cent higher at S$26.34. Meanwhile, OCBC Bank was S$0.01 or 0.1 per cent lower at S$11.18 and United Overseas Bank dipped S$0.06 or 0.2 per cent to trade at S$25.07.

Across Asia, were broadly higher. Australia added 0.8 per cent, China advanced 1.1 per cent, Hong Kong gained 0.8 per cent, Japan edged up 0.2 per cent, and Malaysia was 0.9 per cent higher. South Korea gained for the second successive session, adding 0.5 per cent.

"The early Wednesday movements in Asia suggest that investors are tepidly putting some risk back on the table, even as uncertainties surrounding US-China trade tensions continue to cast a cloud over market sentiments," FXTM market analyst Han Tan said.