Singapore shares extended their gains on Tuesday, soaring more than 1% at the close, tracking regional gains as the city-state logged a rise in its foreign exchange reserves during September.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,425.92 and 4,474.12 throughout the day. It ended the session at 4,472.26, up 50.55 points or 1.14% compared to Monday's close.

In economic news, Singapore's official foreign exchange reserves rose to SG$506.8 billion in September from SG$502.0 billion in the preceding month, data from the Monetary Authority of Singapore showed.

In company news, shares of ASL Marine (SGX:A04) surged over 22% at the close after it agreed to place over 41.1 million shares at SG$0.1703 apiece to raise up to SG$7 million.

MoneyMax Financial (SGX:5WJ) was down over 4% as it established a SG$500 million multicurrency medium term bonds program.

Meanwhile, shares of King Wan (SGX:554) were down over 2% as it completed the proposed acquisition of a property located at 15 Joo Koon Way Singapore.