Singapore Shares Remain Resilient Despite Regional Downturn; UOB Rises Nearly 1%

MT Newswires
Jun 23

Singapore shares remained marginally in the green zone on Tuesday, despite broader regional losses backed by a cooling of a rally in heavy-weight chip stocks.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,193.65 and 5,241.80 throughout the day. It ended the session at 5,205.74, up 1.73 points or 0.03% compared to Monday's close.

In economic news, Singapore's core consumer price index (CPI), which excludes accommodation and private transport costs, remained steady at 1.4% year over year in May, according to joint data released by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

UOB rises nearly 1%, OCBC Bank gains 0.28%.

On the corporate front, shares of Trek 2000 International (SGX:5AB) were down nearly 8% at the close as it secured a $350,000 contract with Cambodian textile manufacturer, Our HS Convenience, to supply, install and commission its AI Renewable Energy Solutions ecosystem.

Singtel (SGX:Z74) closed under 1% lower as it disposed of a 2.8% stake in Thailand energy company, Gulf Development, for SG$1 billion, according to a company release on Tuesday.

Meanwhile, Interra Resources (SGX:5GI) has agreed to sell its entire stake in its Myanmar petroleum assets to Sinopetro Holdings Limited for a combined $7.8 million.

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