Singapore Shares Close Higher as Unemployment Slows Down; Medi Lifestyle Down 7%

MT Newswires07-31

Singapore's stock market ended high on Wednesday, following positive business sentiment across major industries, backed by the easing unemployment rate.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,442.55 and 3,463.10 throughout the day. It ended the session at 3,455.94, up 14.17 points or 0.41% compared to Tuesday's close.

In economic news, Singapore's overall unemployment rate eased to 2.0% in June from 2.1% a month prior, according to data from the Ministry of Manpower.

Singapore business sentiment in the manufacturing sector was largely positive in the July-December period, thanks to a global recovery in electronics demand, despite geopolitical issues, according to a report by EDB Singapore.

Meanwhile, Singapore's services sector is expected to remain positive between July and December with 20% firm sharing a positive sentiment towards business conditions, according to a report by the Department of Statistics.

In company news, shares of Medi Lifestyle's (SGX:Z4D) were down over 7% after its chief commercial officer (CMO), Dato Alvin, resigned from his position to pursue other opportunities.

Acesion Partners (SGX:5FW) was down more than 2% after the company forecasted a lower profit after tax and revenue for the first half of the year as compared to the year-ago period.

Meanwhile, shares of Pan-United's (SGX:P52) were up nearly 4% after the company's attributable profit to equity holders for the first half of the year was up 34% year over year to SG$18.6 million from SG$13.9 million.

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