Singapore Shares Close Flat Despite Wall Street Rally; Nio Jumps 4%

MT Newswires07-17

Singapore's stock market remained flat on Wednesday, despite a rally on Wall Street as the country's non-oil domestic exports declined in June.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,482.73 and 3,495.53 throughout the day. It ended the session at 3,489.57, up 1.66 points or 0.05% compared to Tuesday's close.

In economic news, Singapore's non-oil domestic exports (NODX) slipped 8.7% in June from a year earlier, following a 0.7% decline in May, according to data released by Enterprise Singapore.

In company news, shares of Jardine Cycle & Carriage (SGX:C07) were down over 1% after the company revealed that Benjamin Keswick will step down as chairman effective Aug. 2.

Hafary Holdings (SGX:5VS) closed more than 1% lower on Wednesday as it entered into property management agreements with TAP Co-Livings.

Shares of OUE Real Estate (SGX:TS0U) were up over 3% after Maybank Securities started it at buy with an SG$0.30 price target.

Nio rose 4%, OCBC rose 0.5%, Singtel fell 1%, YZJ Shipbldg fell 0.4%.

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