Local shares snapped a four-session run of losses yesterday in what turned out to be a largely positive session for regional markets.
The Straits Times Index (STI) was up from the opening bell before settling at 3,213.71, a gain of 17.08 points, or 0.5 per cent.
Just two of the blue-chip index's 30 components ended in the red.
Investors were buoyed by the slew of support measures in Tuesday's Budget for companies most affected by the coronavirus outbreak.
The market was riding other tailwinds too. The number of new virus cases fell globally while sentiment was lifted on hopes of further stimulus measures in China.
The broad details of the government support package helped aviation-related stocks turn the corner. Singapore Airlines added 0.7 per cent to $8.57, while ground handler Sats added 0.9 per cent to $4.52.
Singtel was the STI's most active, closing unchanged at $3.17, with 29 million shares changing hands. Shares in the telco have lost 5.9 per cent since it announced third-quarter earnings last Thursday.
DBS Group Research analyst Sachin Mittal noted yesterday that Singtel shares were trading at a holding company discount of 19 per cent - more than its four-year average of 15 per cent - and with a 5.5 per cent yield.
Local tech manufacturers rebounded after the sector's outlook was hit by an Apple earnings downgrade for the January-March quarter. AEM Holdings added 2.3 per cent to $2.22, while UMS Holdings edged up 1 per cent to $1.03.
Trading volume was 1.7 billion shares worth $1.18 billion, with gainers exceeding losers 265 to 147.
Benchmarks elsewhere were mostly higher: Australia, Japan, China, Hong Kong, South Korea and Taiwan notched up gains, but Malaysia closed lower.
"With China seemingly announcing targeted stimulus measures by the day and following Singapore's blockbuster Budget, Asia seems confident that the region's governments will do what it takes to offset the coronavirus slowdown," Oanda Asia-Pacific senior market analyst Jeffrey Halley said. But he also noted: "I would describe the tone today as cautiously positive, with Asia not getting too carried away on the post-coronavirus future."
With spot gold holding above US$1,600 an ounce, AxiCorp chief market strategist Stephen Innes noted that investors were continuing to view the metal "as a quality asset and hedge against the economic impact of Covid-19 amid a laundry list of global growth concerns".
