Singapore's stock market closed marginally higher on Thursday, as the country's domestic supply price index, manufactured products price index, and import and export price index fell in July.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,379.07 and 3,414.91 throughout the day. It ended the session at 3,404.47, up 13.44 points or 0.4% compared to Wednesday's close.
Singapore's Import Price Index fell 0.8% year on year in July, extending the 0.5% drop in the preceding month, according to the Department of Statistics.
The Export Price Index also slipped 0.4% year on year in July, while it was flat in the year-ago month.
Singapore's manufactured products price index fell 2.6% in July from June, reversing the 0.4% increase in June from May, the city-state's Department of Statistics reported on Thursday.
Meanwhile, the city-state's Domestic Supply Price Index also dropped 1.9% in July 2024, reversing a 0.1% increase in June, according to data released by the Department of Statistics Singapore.
In company news, shares of Grand Banks Yachts surged over 20% after the company booked a 123% year over year growth in its profit attributable to owners of SG$14.5 million for six months ended June 30, from SG$6.5 million a year earlier.
PEC's shares were up over 7% after the company reported profit attributable to owners surged 176% year-over-year to SG$10.8 million in the six months ended June 30 from SG$3.9 million.
Meanwhile, shares of Tai Sin Electric were down over 1% even after the company logged a 62% increase in its profit attributable to shareholders of SG$7.7 million in the six months ended June 30, from SG$4.7 million a year earlier.
Nio stock fell 3.7% as peer Li Auto’s profit margins shrank in the second quarter while earnings failed to surpass market consensus amid a brutal price war.
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