Singapore's stock market surged on Wednesday, despite investor caution over the political situation in South Korea and slowdown of private sector growth in Singapore.

The STI.SI , a key benchmark for the Singapore Exchange, ranged between 3,790.47 and 3,812.04 throughout the day. It ended the session at 3,799.94, up 13.81 points or 0.36% compared to Tuesday's close.

In economic news, Singapore's private sector growth slowed in November, with the Purchasing Managers' Index (PMI) at 53.9, down from October's 55.5, according to data released by S&P Global.

In domestic news, Singapore and Australia have agreed to enhance the military cooperation between the two states during the 14th meeting of the Singapore-Australia Joint Ministerial Committee, according to a release by the Singapore Ministry of Defense on Tuesday.

Meanwhile, Oil and gas company Exxon Mobil Corp. is considering selling its gas stations in Singapore in a bid to raise around $1 billion, according to a report by Bloomberg News on Tuesday, citing people familiar with the matter.

In company news, shares of Keppel DC Reit were down nearly 3% as the REIT launched a preferential offering of 148.4 million new units at a market price of SG$2.03 per unit.

GS Hldg was up over 2% as it appointed Loo Hee Guan as the company's acting Chief Executive Officer, effective Dec. 21.

Meanwhile, Autagco formerly known as LifeBrandz, entered into a convertible loan agreement of SG$500,000 with Lenn International and the company's CEO, Ng Boon Hui.

Nio rose 5%, YZJ Shipbldg rose 3%, Singtel rose 1%, DBS rose 0.7%; ThaiBev fell 4%, Keppel DC Reit fell 3%.