Singapore shares rebounded yesterday following two straight days of losses amid a mixed showing across Asia.
The benchmark Straits Times Index (STI) rose 32.07 points, or 1.07 per cent, to 3,025.07 - up 62.44 points or 2.11 per cent for the week. A total of 1.7 billion shares worth $1.11 billion were traded.
This came even as Wall Street slid 0.32 per cent overnight alongside a weaker greenback. Traders were clearly disappointed by the lack of policy detail in United States President-elect Donald Trump's first press conference.
Dealers noted the positive buying momentum here was boosted by sidelined monies tipping back into "worst-is-over trades", said NetResearch Asia in a note.
The STI's performance yesterday was mostly boosted by all three local banks, led by DBS Group Holdings, which added 19 cents or 1 per cent to $18.31.
OCBC Bank advanced 13 cents or 1.4 per cent to $9.38, while United Overseas Bank climbed 16 cents or 0.8 per cent to $21.03.
Property giant CapitaLand added four cents or 1.3 per cent to $3.17. CapitaLand Mall Asia announced early yesterday its wholly owned unit, CapitaMalls Asia Treasury, has redeemed all of the $400 million, 3.8 per cent callable step-up bonds due 2022.
Meanwhile, the telcos also fared well on news that M1 and StarHub have signed a memorandum of understanding to study potential further collaboration in mobile infrastructure sharing.
M1 grew two cents or 1 per cent to $2.10 and StarHub jumped 11 cents or 3.8 per cent to $3.03. DBS analyst Vijay Natarajan upgraded both stocks to "hold", noting this could spell 20 per cent in capital expenditure savings for the two companies from 2018 onwards.
Singtel was up four cents or 1.1 per cent to $3.83.
Outside of the index, two companies received trading queries from the Singapore Exchange in the morning: Anchor Resources, which rocketed by as much as 19 per cent, and AsiaMedic, which surged more than 15 per cent.
Anchor Resources, which said it was not aware of any possible explanation for the trading, later finished at 10.9 cents, 1.3 cents or 13.5 per cent up on the previous day's close.
AsiaMedic rose 0.6 cent or 8.6 per cent to 7.6 cents, before it said the company has received expressions of interest regarding a potential commercial opportunity and is in discussions with the relevant parties. It added there has not been any definitive agreement.
Commodity trader Noble Group emerged as the most hotly traded, rising 0.4 cent or 2.3 per cent to 17.9 cents on 103.6 million shares done.
Elsewhere in Asia, Tokyo gained 0.8 per cent and Hong Kong grew 0.47 per cent. Shanghai slipped 0.21 per cent on data that showed Chinese exports tumbled more than expected last month.