STI extends gains, up 0.75% to 2,591.60

THE Straits Times Index (STI) continued its gentle ascent on Wednesday after registering slim gains on Tuesday, as the benchmark index rose 19.24 points or 0.75 per cent to 2,591.60.

The Jardine companies hogged the advancers table, with Jardine Matheson Holdings leading with an US$0.81 gain to US$44.61. Jardine Strategic Holdings and Jardine C&C were second and fourth best performers in terms of dollar increase in share price. Jardine Strategic's share price has been erratic; the conglomerate was the best STI performer in Monday's trading but came in bottom on Tuesday.

Jardine Strategic closed up US$0.51 to US$21.72; Jardine C&C rose S$0.24 to S$20.13.

At the bottom of the STI's performance table, and also the most heavily traded, was Singapore Airlines (SIA). The national carrier's shares dropped 25.55 per cent or S$1.51 to S$4.40 on the first day of ex-rights trading, ahead of its S$8.8 billion fund-raising. 

Advancers outnumbered decliners 229 to 172, with 1.37 billion shares worth S$1.36 billion traded. 

Similar to Singapore, most Asian markets extended gains on Wednesday.

China opened for the first time since last Thursday. The Shanghai Composite Index recovered from early trading losses to register a 0.63 per cent gain at 2,878.14. Hong Kong's Hang Seng Index rose 1.13 per cent to 24,137.48. South Korea's KOSPI closed up 1.76 per cent at 1,928.76.

But Australian shares ended lower as investors took profits after two sessions of sharp gains. The S&P/ASX 200 index closed 0.42 per cent lower at 5,384.6 points. The FTSE Bursa Malaysia  Kuala Lumpur Composite Index dropped 0.91 per cent to 1,376.93.

Japan was closed for a public holiday. 

The Singapore market closes for Vesak Day on Thursday, along with the markets in Malaysia, Indonesia and India.