Singapore shares rebounded from the previous day’s fall after Wall Street rallied on better-than-expected retail sales and a drop in weekly jobless benefit claims in the United States, but analysts expect some near-term weakness.

The Straits Times Index rose 0.8% to 3,156.64 points, after closing 0.7% lower on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.3% higher.

Shares of Singapore Technologies Engineering , Golden Agri-Resources and ComfortDelGro Corp all gained more than 2.5%.

Standard Chartered said Asian equity and bond markets have been particularly weak over the last few weeks, hit by increasing fears that the U.S. Federal Reserve will start tapering off its quantitative easing programme and the continued weakness of the Chinese economy.

While some of the previously top-performing equity markets such as the Philippines, Thailand and Indonesia have been the worst-hit, the sell-off has been "reasonably broad-based", with Taiwan and Malaysia the least affected, Standard Chartered said.

It also said China and South Korea, two of the cheaper markets in Asia, are both down over 12% from their peaks. "While there are some signs of stabilisation in Asian economic data, we believe there is the risk of further short-term disappointments and this may lead to further equity market weakness in the near term," it said, preferring developed equity markets to their emerging counterparts.