That said, DBS Group Research analyst Sachin Mittal noted on Wednesday 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.
Financials reversed their losses from Tuesday. DBS shares added S$0.14 or 0.6 per cent to S$25.41, OCBC Bank gained S$0.12 or 1.1 per cent to S$11.09 and United Overseas Bank was trading at S$26.03, up S$0.22 or 0.9 per cent as at 1.04pm on Wednesday. Meanwhile, Great Eastern jumped S$0.37 or 1.7 per cent to S$22.19. On Wednesday before market open, the insurance arm of OCBC Bank posted a fourth-quarter net profit of S$287 million, more than double from a year ago.
In line with broad market gains, local tech manufacturers rebounded after outlook was hit by an Apple earnings downgrade for the January-March quarter. AEM Holdings added S$0.08 or 3.7 per cent to S$2.25 while UMS Holdings was up S$0.02 or 2 per cent to S$1.04. Elsewhere in the Asia-Pacific, benchmarks in Australia, China, Hong Kong, Japan and Taiwan were higher in the afternoon.
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