Singapore stocks: STI resumes Tuesday afternoon trading, up 0.9% on day

SINGAPORE equities resumed trading on Tuesday afternoon on higher ground, with the Straits Times Index (STI) advancing 25.88 points or 0.9 per cent to 3,033.60 as at 1.05pm.

Market sentiment is improving after a week global equities recorded their worst run since the 2008 global financial crisis, with investors encouraged by central banks pledging to support the economy over the fallout from the Covid-19 outbreak.

Shortly after the afternoon session began, volume traded on the Singapore bourse clocked in at 897.8 million securities with a total turnover of S$823.3 million. Both volume and turnover are on track to beat their respective 2019 intraday averages.

Across the market, advancers beat decliners 253 to 115. The blue-chip index had five of the 30 counters trading in the red.

Ascendas Reit was the STI's most active counter, up S$0.11 or 3.5 per cent at S$3.22 with 17.3 million shares changing hands.

Among other real estate investment trusts (Reits), CapitaLand Commercial Trust climbed S$0.04 or 2.1 per cent to S$1.94.

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IREIT Global units were trading 0.5 Singapore cent or 0.6 per cent higher at S$0.79. On Tuesday, RHB Research initiated coverage on the Europe-focused property trust with a target price of S$0.92.

In line with the broader market rebound, the local banks were higher. DBS shares added S$0.33 or 1.4 per cent to S$24.38, OCBC Bank gained S$0.08 or 0.8 per cent to S$10.66 while United Overseas Bank was trading at S$24.40, up S$0.16 or 0.7 per cent, as at 1.05pm.

Shares in Nam Cheong Limited were unchanged at 0.7 Singapore cent after the Malaysian offshore vessel builder revealed it has won chartering contracts for six offshore support vessels worth RM116.4 million (S$38.5 million).

Elsewhere in the Asia-Pacific, equity benchmarks in Australia, China, Hong Kong, Malaysia, South Korea and Taiwan were trading up. Of the lot, Taiwan's Taiex Index was the best performer, adding 194.74 points or 1.7 per cent to 11,365.20. Japan was lower.