Investors came back from the Chinese New Year holidays in a positive mood that helped nudge the local market north yesterday.
The Straits Times Index (STI) added 16.08 points, or 0.5 per cent, to 3,200.64, bringing its gain so far this year to 4.2 per cent.
Turnover stood at 818 million shares worth $920 million with gainers outpacing losers 205 to 138.
Volumes fell below the Singapore Exchange's (SGX) daily average, due in part to some north Asian markets remaining closed.
The most active was Ezion Holdings, down 6 per cent to 4.7 cents with 76 million shares done.
DBS analyst Ho Pei Hwa downgraded the marine firm on potential asset impairments, a slower-than-expected ramp-up in utilisation and revenue.
Six of the 30 STI constituents ended the day in the red. Index-listed companies were also among the day's most heavily traded.
Genting Singapore was the most active blue chip, closing flat at $1.10 on trade of 30.3 million shares.
Meanwhile, food and beverage player ThaiBev closed 4.5 per cent down at 73.5 cents with 24.9 million shares changing hands.
SingTel fared well, adding 1 per cent to $3.05, and the banks thrived as well: DBS gained 0.6 per cent to $24.33; OCBC added 1 per cent to $11.49; and United Overseas Bank inched up 0.1 per cent to $25.28.
IG market strategist Pan Jingyi noted: "A couple of gainers had been taking the headlines, including Best World International and ST Engineering."
Skincare maker and distributor Best World gained 6 per cent in early trade, prompting the SGX to query its unusual price movement. The stock closed 8.6 per cent up at $3.04.
ST Engineering hit an 18-month high, up 1.6 per cent to $3.75, "as investors are enthused by expected expansion to its business with news of its latest capital injection in its joint venture", Ms Pan said.
Penny stocks had their day, too, with Alliance Mineral gaining 15.2 per cent to 20.5 cents. January's lithium output at its Bald Hill Mine in Australia grew 28 per cent from December, a record for the miner. Procurri, which had a second expression of interest from a third party for a possible voluntary general offer, gained 8.1 per cent to 33.5 cents.
It was a mixed bag elsewhere, with Malaysia and Australia closing higher, South Korea ending the day flat, and Japan closing lower.
Most attention was paid to the Reserve Bank of Australia's dovish shift, which opened the door to a possible rate cut. That sent the ASX 200 up 1.1 per cent while the Aussie dollar took a hit.
