Singapore shares recovered to surge on Wednesday, despite most regional indices ending in the negative territory over rising oil prices and expectations of a tighter monetary policy.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,699.59 and 5,744.11 throughout the day. It ended the session at 5,744.11, up 33.74 points or 0.6% compared to Tuesday's close.
First Resources up nearly 6%; UOB Kay Hian up over 4%; CityDev, OCBC Bank up around 2%; YZJ Shipbldg, Seatrium down over 2%.
On the corporate front, shares of RH Petrogas (SGX:T13) closed over 5% higher as its well-testing operation at the Northwest Klagagi-1 well in Indonesia confirmed strong gas-condensate deliverability, along with an unexpected oil discovery.
EGP Energy (SGX:EGX) was down nearly 1% at the close as it secured a new transmission and distribution project worth around SG$6.2 million.
Meanwhile, shares of Frencken Group (SGX:E28) were down nearly 1% at the close as it received approval-in-principle from the Singapore Exchange Securities Trading on Sept. 1 for the listing and quotation of 44.1 million new shares to be issued under its proposed placement.
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