Singapore's stock market surged on Wednesday even as shares slumped on Wall Street overnight despite better-than-expected reports on the US jobs market and business activity.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,832.61 and 3,886.98 throughout the day. It ended the session at 3,886.98, up 58.81 points or 1.54% compared to Tuesday's close.

Shares of Singapore’s biggest bank DBS soared to S$45 for the first time on Wednesday. While OCBC jumped 4.2%, UOB rose 2%.

Asset manager BlackRock is Yangzijiang Shipbuilding (SGX:BS6)’s latest substantial shareholder, the maritime vessel maker announced in a bourse filing on Tuesday. The shares gained 4.41%.

In domestic news, Singapore and Malaysia entered into an agreement on a special economic zone (SEZ) in the Malaysia state of Johor. Though the deal, both countries are looking to kick-start 50 projects in SEZ within the first five years that will create around 20,000 jobs.

In company news, shares of Centurion (SGX:OU8) rose nearly 4% after the company revealed that it is currently exploring the possibility of a proposed transaction involving the formation of a real estate investment trust, which will be listed on the Main Board of Singapore Exchange Securities Trading.

Sembcorp Industries (SGX:U96) was up over 2% after the company bought back 600,000 shares in the open market on Tuesday for SG$3.3 million, or SG$5.55085 apiece.

Meanwhile, Keppel (SGX:BN4) closed nearly 1% higher on Wednesday as it placed its wholly owned subsidiary, Keppel Data Centres Holding Germany, under members' voluntary liquidation.