Singapore stocks snap 2-day fall as Asia advances

Asian shares edged higher as oil prices crept up from multi-month lows.

Fullerton eyes S$300 million IPO to drive regional expansion
A man leaves the SGX Singapore Exchange building in Singapore's central business district January 7, 2016.

Singapore equities rebounded after two days of decline on Thursday, inline with gains in other Asian peers as oil prices crept up from multi-month lows hit in the previous session.

The Straits Times Index rose 0.7 percent or 21 points to 3,223. The index has lost nearly 1.5 percent in the last two sessions. Among the gainers, Oversea-Chinese Banking Corp rose 1.6 percent, investment holding company DISA advanced 5.9 percent while realty firm City Developments gained 2.7 percent.

The losers included insurance group Great Eastern Holdings down 0.8 percent while commodity trader Noble Group tumbled 8.6 percent. About 1.3 billion shares worth S$517 million changed hands, with gainers outnumbering losers 228 to 143.

Asian shares climbed while safe haven assets like the yen and gold rose for a second day as oil continued to languish in the bear market. West Texas Intermediate oil rose less than 0.1 percent to $42.56 after plunging 2.3 percent in the previous session.

Investors will be keeping a close eye on Federal Reserve officials making appearances throughout the week, which includes Jerome Powell, James Bullard and Loretta Mester.