STI up 0.25%; Asia indices join global rally on hopes for Ukraine-Russia peace talks

SINGAPORE shares extended gains into the third session of the week as investors welcomed prospects for a de-escalation of the war between Russia and Ukraine.

The benchmark Straits Times Index (STI) climbed 0.25 per cent or 8.71 points higher to 3,442.61 at the closing bell on Wednesday (Mar 30).

Shares in most Asian markets joined the global rally. Korea's benchmark Kospi went up 0.21 per cent, Hong Kong's Hang Seng Index added 1.39 per cent and the Jakarta Composite Index climbed 0.59 per cent.

The Shanghai Composite Index closed 1.96 per cent higher while the Shenzhen Composite Index jumped 2.55 per cent.

Japan's Nikkei 225 bucked the trend to end 0.8 per cent lower, driven down as the dollar slipped against the yen, while the Kuala Lumpur Composite Index shed 0.01 per cent.

Russia had said on Tuesday that it would reduce military operations near Ukrainian capital Kyiv; however, Moscow's lead negotiator Vladimir Medinsky had said this does not represent a ceasefire. Ukraine, meanwhile, said it is ready to declare neutrality.

In Singapore, STI gains were led by CapitaLand Integrated Commercial Trust CICT , which climbed 1.79 per cent or S$0.04 to close at S$2.28. It was also the most actively traded counter on the index, with 34.4 million shares worth S$78.1 million changing hands throughout the day.

The 3 local lenders also reaped gains. OCBC OCBC added 0.48 per cent or S$0.06 to S$12.45, UOB UOB went up 0.47 per cent or S$0.15 to close at S$32.31, while DBS DBS closed 0.45 per cent or S$0.16 higher at S$36.13.

At the bottom of the table was Jardine Matheson JMH , which fell 3.62 per cent or US$2.14 to close at US$56.98.

1.39 billion shares worth S$1.39 billion were traded in the broader Singapore market on Wednesday, with advancers outpacing decliners 295 to 192.