Singapore shares continued to trade in positive territory on Wednesday, building on global market momentum amidst increasing optimism on US Federal Reserve rate cuts.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,542.01 and 4,557.21 throughout the day. It ended the session at 4,554.52, up 16.56 points or 0.36% compared to Tuesday's close.

UltraGreen.ai up 4.8%; HPH Trust USD, Bumitama Agri up over 2%; Thomson Medical, OUEREIT, AvePoint up over 1%; Hong Leong Asia, SMC down nearly 2%.

In economic news, the S&P Global Singapore Purchasing Manager's Index posted above the 50.0 no-change mark for the tenth straight month in November, according to data released by S&P Global on Wednesday.

In company news, UltraGreen.ai (SGX:ULG) raised around $400 million from its initial public offering, with investors subscribing 13.6 times at $1.45 per share.

Elsewhere, Skylink Holdings (SGX:XZB) said it will acquire 132 units of commercial vehicles from a third party to optimize its vehicle replacement cycles.

Meanwhile, Infinity Development (SGX:ZBA, HKG:0640) completed the placement of about 35.1 million shares to raise approximately SG$13.7 million in its initial public offering.