Singapore shares may climb higher on Wednesday after modest gains on Wall Street overnight. Energy firms may outperform the market as US oil prices jumped 2% on the back of supply concerns. Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.38% on Tuesday to 3,241.49 points.

Here are some stocks and factors to watch:

Shares of water treatment firm Hyflux (HYFL.SI) may be in focus after it said it will invest about US$45 million ($58.3 million) to develop three water projects in China’s Chongqing city.

Singapore Telecommunications (STEL.SI) said on Tuesday it has paid $39 million for 4.07 million shares in Bharti Airtel, pushing up its stake in the Indian firm to 32.15% from 32.04% previously.

Overseas Union Enterprise (OVES.SI) said it had established a $1 billion multicurrency medium term note programme. Net proceeds from the issues of notes under the programme will be used for working capital and corporate funding porposes.

Chemical firm Anchun International (ANIH.SI) said it has entered into a joint venture with Henan XLX Chemical Group to build a reductive catalyst production plant, which will make the joint venture firm the largest producer of reductive catalyst in China.