Singapore shares return to winning ways on upbeat US trade data

THE Singapore market jumped back to winning ways on Wednesday after upbeat trade data from the United States.

The benchmark Straits Times Index rose 29.77 points or 0.95 per cent to 3,150.65 as it snapped three sessions of declines.

The banks were among the index gainers. DBS Group Holdings jumped 33 cents or 1.9 per cent to $17.37 and United Overseas Bank increased 38 cents or 1.8 per cent to $21.10.

The gain in OCBC Bank was more muted - its shares rose only one cent or 0.1 per cent to $9.76.

But it did snap a four-session losing streak in OCBC shares which had been weak due to concerns over plans to take over Hong Kong's Wing Hang Bank.

Rumours of the proposed takeover had started swirling late last week, although the news of the ongoing talks was announced only this week.

Investors were concerned that OCBC could end up over-paying for Wing Hang Bank.

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