SINGAPORE - The Singapore stock market overcame a tepid opening to register a modest rebound following Tuesday's selldown.
As at 10.30am, the Straits Times Index was up 20.9 points at 3,302.85. This recouped half the loss it chalked up on Tuesday when it closed 46.33 points.
The recovery was led by bank counters as well as beaten-down stocks in the offshore marine sector.
United Overseas Bank rose by 20 cents to $23.52. The bank has taken out a $181 million law suit against the Lippo Group and several individuals over allegations of conspiracy to obtain inflated housing loans for the purchases of 38 condominium units at the high-end Marina Collection in Sentosa.
Keppel Corp rose by five cents to $8.37 while Sembcorp Marine inched up two cents to $3.15.
Shares of Singapore Airlines and Neptune Orient Lines climbed by 20 cents to $11.88 and one cent to 84.5 cents respectively, as plunging crude oil prices is seen as benefiting airlines and ocean liners.