Singapore stocks snap 3-day fall tracking gains in Asia

SGX Logo. Reuters

Singapore shares gained after a 3-day fall on Tuesday, led by lenders such as DBS Group and United Overseas Bank.

Asian shares advanced after a record-setting session on Wall Street, with sentiment boosted by expectations U.S. lawmakers will pass a long-awaited tax bill.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent.

At 0510 GMT, the Straits Times Index rose 0.22 percent or 7 points to 3,422. It ended 0.06 percent lower on Monday, taking the year-to-date performance to about 19 percent.

Shares of United Overseas Bank and Oversea-Chinese Banking were up 0.2 percent while DBS Group Holdings rose 0.6 percent.

Shares in City Developments rose 1.2 percent after its Chairman Kwek Leng Beng defended his bid to take control of Millennium & Copthorne Hotels following minority shareholders opposition to the 2 billion pounds takeover offer.

But brewing group Thai Beverage lost 0.5 percent after it won an auction to buy a $4.8 billion stake in Vietnam's top brewer Sabeco.

About 847 million shares worth S$451 million changed hands, with losers outnumbering gainers 173 to 148.