Singapore shares were 0.48% higher by midday Wednesday, lifted by Keppel Corp (KPLM.SI) after it reported quarterly earnings that beat market expectations.

Shares of Keppel Corp, the world’s largest oil rig builder, rose as much as 3% on Wednesday after it reported a 17% rise in fourth quarter net profit and an improved dividend.

Keppel was 2.8% higher at $11.66 at the midday, with over 5.5 million shares traded.

“Oil prices are likely to stay firm and we expect more orders from the operators. That said, we remain bullish on the local oil and gas market," said Ng Kian Teck, an investment analyst at SIAS Research.

 

By the lunch break, the Straits Times Index (STI) <.FTSTI> was up 15.40 points at 3,196.55. The total value of shares traded in the morning session was S$815.1 million, down from $845.1 million on Tuesday.