SGX gains for 4th session; RE&S Holdings jumps 64% on market debut

Singapore stocks extended their winning streak to a fourth day on Wednesday, tracking gains in Asian equities amidst hopes of global growth recovery.

SGX
SGX Logo. Reuters

Singapore stocks extended their winning streak to a fourth day on Wednesday, tracking gains in Asian equities amidst hopes of global growth recovery.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.6 percent to Wednesday's 1.3 percent rise - the biggest gain in eight months, supported by energy and technology sectors.

The gains offer some relief after global equities fell from record highs for five straight days to last Thursday as investors became wary of stretched valuations and scant progress on U.S. tax cuts that would boost the world's largest economy.

At 0505 GMT, the Straits Times Index advanced 0.43 percent or 15 points to 3,438. It ended 1.09 percent higher on Tuesday, taking the year-to-date performance to about 19 percent.

United Overseas Bank gained 0.6 percent, DBS Group Holdings advanced 1.7 percent while Oversea-Chinese Bank added 1 percent.

Food catering firm Neo Group climbed 4 percent after it entered into an exclusive negotiation agreement with Jil & Yellowtail, Li Xin and two potential vendors to buy shares in Jil and Li Xin.

Shares in Japanese restaurant group RE&S Holdings, which operates brands such as Kuishin Bo, jumped as much as 64 percent above the IPO price in Wednesday's debut.

But Alliance Mineral Assets, an explorer and excavator of minerals, lost 3 percent. The company on Tuesday appointed Shaun Menezes as the chief financial officer.

About 1.3 billion shares worth S$600 million changed hands, with gainers outnumbering losers 211 to 152.

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