Singapore shares surged nearly 2% on Wednesday, tracking regional gains as markets reacted positively to US President, Donald Trump's plans to end its conflict with Iran.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,948.39 and 4,985.30 throughout the day. It ended the session at 4,975.83, up 90.38 points or 1.9% compared to Tuesday's close.

Trump gave positive signs of a potential exit from the war with both parties showcasing flexibility to end hostilities.

In economic news, Singapore's private residential property index was up marginally by 0.3% in the first quarter of 2026, following a 0.6% increase in the previous quarter, according to data released by the Urban Redevelopment Authority.

On the corporate front, shares of OxPay Financial (SGX:TVV) surged nearly 17% at the close as it signed subscription agreements with several investors to raise SG$997,089 through the subscription of 30.8 million shares at SG$0.03233 per share.

Reclaims Global's (SGX:NEX) shares were down over 7% even though its posted a net profit after tax rose 64% in the fiscal second half ended Jan. 31 to SG$4.4 million from SG$2.7 million a year earlier,.

Meanwhile, First REIT (SGX:AW9U) closed nearly 4% lower as it agreed to dispose of several hospital assets and signed put option agreements to divest more properties in Indonesia.

STI up 1.9%; Nio up 9%; YZJ Shipbldg up 5%; OCBC, Seatrium up 3%; UOL, SGX, Sembcorp, Keppel up 2%; UOB, SIA up 1%.