Singapore shares extended gains on Wednesday as the city-state's foreign exchange average daily trading volumes in April rose by 60% from April 2022 to $1.485 trillion, according to a release by the Monetary Authority of Singapore.

The country's shares also mirrored regional gains despite lawmakers in the US failed to reach a deal to avoid the closure of federal services.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,307.76 and 4,335.24 throughout the day. It ended the session at 4,323.12, up 22.96 points or 0.53% compared to Tuesday's close.

Riverstone up over 3%; Centurion, Seatrium up over 2%; SATS, SGX up over 1%; SIA Engineering down 3%; YZJ Shipbldg down over 2%.

In company news, shares of Singapore Institute of Advanced Medicine plunged over 13% at the close as it proposed to convert an outstanding loan of SG$5.2 million into around 149.7million shares at SG$0.0035 per debt conversion share.

Beverly Wilshire was up over 8% as it entered into a subscription agreement with private investor Mageswari Rajoo for a capital injection totaling SG$100,000.

Meanwhile, shares of Prime US REIT were up over 1% after it received an in-principle approval for the listing and quotation of 129.2 million units.