Singapore Shares Continue to Rise Despite Regional Decline, Surge in US Inflation; Tiong Seng Down 7%
Singapore shares rose on Wednesday, with the Straits Times Index (STI) closing at 4,132.25, up 0.3% despite regional market declines following a spike in US inflation. Tiong Seng shares surged over 7% after liquidating its subsidiary, while Mapletree Logistics Trust gained nearly 1% after divesting a property. Samko Timber reported a profit of 2.171 trillion Indonesian rupiah for the first half of the year, recovering from a loss of 549.8 billion rupiah a year prior.
Singapore shares remained in the green on Wednesday, despite losses in the regional markets after the US reported a spike in inflation.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,119.58 and 4,132.61 throughout the day. It ended the session at 4,132.25, up 12.43 points or 0.3% compared to Tuesday's close.
In company news, shares of Tiong Seng were up over 7% at the close after it liquidated indirect wholly owned subsidiary, Tiong Seng (Tianjin) Project Management.
Mapletree Logistics Trust was up nearly 1%, with the trust completing the divestment of 31 Penjuru Lane in Singapore.
Meanwhile, Samko Timber logged an attributable profit to owners of 2.171 trillion Indonesian rupiah for six months ended June 30, from an attributable loss of 549.8 billion rupiah a year earlier.
