Singapore stocks rose on Wednesday, tracking regional gains driven by a global rally in technology and AI stocks, and further driven by a significant drop in oil prices that eased regional inflation worries.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,938.230 and 5,017.000 throughout the day. It ended the session at 5,002.17, up 66.20 points or 1.3% compared to Tuesday's close.

Keppel, SGX up over 3%; iFast, CityDev, First Resources, SATS, SIA Engineering up over 2%; OCBC Bank, SIA, DBS up over 1%.

In corporate news, shares of Rex International(SGX:5WH) fell nearly 9% at the close as its subsidiary Lime Petroleum Holdings and its affiliates were revealed to be at risk of losing its ownership interests in its oil assets in Norway in case it's unable to sort out its liquidity problems.

Samudera Shipping Line's (SGX:S56) shares were up nearly 2% as its Japanese joint venture, Blue Ocean Shipping, acquired two container vessels on March 17 from Imoto Lines.

Meanwhile, shares of Top Glove (SGX:BVA, KLSE:TOPGLOV) closed nearly 2% lower as its profit attributable to owners rose to 30.8 million ringgit in the fiscal second quarter ended Feb. 28 from 30.3 million ringgit a year earlier.