Singapore shares up by mid-session, Straits Times Index briefly crosses 3,200

Singapore shares were trading higher at slightly before noon on Wednesday, with the benchmark Straits Times Index (STI) up 17.08 points or 0.54 per cent to 3,195.71.

Across the market, gainers outnumbered decliners 165 to 120, while 1.01 billion shares worth $520 million had changed hands.

The STI briefly crossed the 3,200 mark in the morning, before dropping below this psychological mark. This level is cited as the "resistance level" by chart-watchers, which means they expect more gains for the index if it crosses 3,200 convincingly.

Media and property company Singapore Press Holdings was up five cents or 1.2 per cent to $4.31. On Tuesday evening, the company had lodged the preliminary prospectus for its upcoming SPH Reit.

Among penny stocks, Mirach Energy was in play by punters. The stock, formerly known as China Petrotech Holdings, was up half a cent to 37.5 cents on 94.4 million shares traded.