Singapore stocks advance for second day as lenders gain

Asian stocks steadied as investors awaited the Federal Reserve's policy decision later in the day.

trader
Reuters.

Singapore stocks rose on Wednesday, led by gains in lenders such as OCBC Bank and DBS Group Holdings.

At 0620 GMT, the Straits Times Index rose 0.13 percent or 4 points to 3,332. It ended 0.51 percent higher on Tuesday, taking the year-to-date gains to 15.5 percent.

Lenders such as DBS Group added 0.8 percent and Oversea-Chinese Banking Corp gained 0.2 percent. OCBC reports its June quarter earnings on Thursday.

The Myanmar-based conglomerate Yoma Strategic Holdings gained 2.5 percent after reporting a 54 percent jump in first-quarter net profit.

Among the laggards, SIA Engineering fell 2.8 percent after its net profit attributable to equity owners plunged 81.8 percent in the first quarter.

Gold producer CNMC Goldmine Holdings shares fell as much as 10 percent as it expects to report a "significantly lower profit" for the second quarter.

Suntec Real Estate Investment Trust lost 0.26 percent after reporting a 0.3 percent drop in its quarterly distribution per unit.

About 1.7 billion shares worth S$677 million changed hands, with losers outnumbering gainers 239 to 148.

Meanwhile, Asian stocks steadied on Wednesday as investors awaited the Federal Reserve's policy decision later in the day for more clues on its tightening plans.

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