SINGAPORE - The local market recovered from Tuesday's rout, bucking the pressure from a poor outlook amid the free-falling oil prices and a fresh crisis in the Eurozone.

The benchmark Straits Times Index (STI) closed 16.41 points or 0.5 per cent higher at 3,298.36, after briefly touching an intra-day high of 3,309.80. The gain was in contrast to a 0.74 per cent drop at Wall Street overnight.

STI's rebound came as 16 stocks closed higher. Top gainer Hongkong Land Holdings continued its climb since the turn of the new year with a 4.81 per cent or 33 US cents increase yesterday to hit US$7.19 - its highest since May 2013. Thai Beverage gained 3.65 per cent or 2.5 cents to close at 71 cents.

Investors also returned to the resilient banking plays, the largest component of the index. UOB gained the most, by 0.52 per cent or 12 cents to $23.44. OCBC rose by 0.2 per cent or 2 cents to $10.18. DBS however closed 0.15 per cent or 3 cents lower at $19.80 as the day's gain were wiped by a late selloff.

Keppel Corp was another standout performer, eking out a 0.36 per cent or 3 cents gain to close at $8.35. This followed the announcement that its subsidiary Keppel Singmarine has secured tow contracts worth $65 million.