Singapore shares opened flat with positive bias on Wednesday, tracking mixed sentiment across major Asian markets after a massive technology-stock-led sell-off in the previous session as investors took an optimistic yet cautious approach amid concerns over AI spending and semiconductor firms' valuations.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, rose 0.08%, or 4.19 points, to open at 5,209.930.

Market-moving bank stocks were mixed in early morning trade, with DBS Group Holdings (SGX:D05) and United Overseas Bank (SGX:U11) gaining marginally, while shares of Oversea-Chinese Banking Corporation (SGX:O39) slightly declined.

In other news, US President Donald Trump said Tuesday that Iran had agreed to permit nuclear inspections, although Tehran said it has no plans to allow the International Atomic Energy Agency (IAEA) inspectors set foot in its bombed enrichment sites.

Iran's chief negotiator, Mohammad Bagher Ghalibaf, said the Strait of Hormuz would "never return to its pre-war conditions" and that Tehran would maintain control over the key waterway.