Singapore stock exchange
An SGX sign is pictured at Singapore Stock Exchange Reuters

Singapore stocks gained on Tuesday, led by lenders such as OCBC and United Overseas Bank amidst hopes of a major tax cut in the United States.

Stocks in Asia traded mixed after gains spurred by the passage of the U.S. tax cuts in the Senate lifted equities to fresh highs.

MSCI's broadest index of Asia-Pacific shares outside Japan were little changed, with a fall in semi-conductor shares offset by gains in telecom and financial shares.

Investors' attention will turn this week to central bank decision in India among others. Also in focus will be Brexit talks as they progress toward a crucial deadline.

At 0510 GMT, the Straits Times Index advanced 0.34 percent or 12 points to 3,450. It ended 0.32 percent lower on Monday, taking the year-to-date performance to about 19 percent.

United Overseas Bank rose 1.1 percent, Oversea-Chinese Banking was up 1.5 percent while DBS Group Holdings gained 1.4 percent.

Crane rental company MS Holdings jumped 33 percent after saying it is currently in preliminary discussions with several parties to explore a potential transaction.

Hengxin Technology, a maker of radio frequency coxial cables series for mobile communications, rose 5 percent after the company said it would delist from the Singapore Exchange from February 5.

About 742 million shares worth S$442 million changed hands, with losers outnumbering gainers 212 to 142.