Singapore Shares Close Higher as Non-Oil Domestic Exports Exceed Estimates; Nio Rises 3%

MT Newswires08-16

Singapore's stock market surged on Friday as higher exports of electronics and non-electronics items exceeded economist estimates for the country's non-oil domestic exports.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,340.89 and 3,360.03 throughout the day. It ended the session at 3,352.89, up 37.16 points or 1.12% compared to Thursday's close.

In economic news, Singapore's non-oil domestic exports surged 15.7% year on year in July, rebounding from June's 8.8% decline, according to data from Enterprise Singapore.

In company news, shares of China Mining fell nearly 62% after the company narrowed its attributable loss to equity holders to 4.2 million yuan in the six months ended June 30 from 6.8 million yuan in the year-ago period.

SMI Vantage plunged over 14% after it acquired a controlling interest in Whisky Cask Club as part of its strategy to invest in businesses with high growth potential.

Meanwhile, Seatrium Ltd was down nearly 1% after the company delivered its fourth KFELS Super B Class jackup rig, "Vali," to Borr Drilling about a year ahead of the planned delivery date.

Nio rose 2.6%, DBS rose 2.3%, OCBC rose 2%, SIA Engineering rose 1.3%, Singtel fell 1.3%.

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