Singapore shares plunged further on Wednesday, despite mediators continuing their efforts to ramp up a peace deal between the US and Iran.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,568.48 and 5,614.84 throughout the day. It ended the session at 5,581.37, down 30.88 points or 0.6% compared to Tuesday's close.

In economic news, Singapore's total retail sales rose 4% year-over-year to SG$4.2 billion in June, following a 2.9% increase in the prior month, according to data from the Statistics Department.

On the corporate front, shares of CapitaLand China Trust (SGX:AU8U) were up over 2% at the close as its distribution per unit after amount retained fell by 1.6% in the first half of 2026 to SG$0.0245 from SG$0.0249 a year earlier.

Keppel Infrastructure Trust (SGX:A7RU) closed nearly 1% lower as it committed 34 million euros to acquire a 45% stake in a second German solar portfolio from Enpal via a special purpose vehicle.

Meanwhile, United Overseas Bank (SGX:U11) signed a share purchase agreement with Allianz Global Investors for the sale of all its shares in UOB Asset Management for SG$555 million.