Singapore Shares Start Strongly Despite Global Losses; DBS and OCBC Up Over 1%

MT Newswires09-23

Singapore's stock market closed high on Monday, despite losses in global markets following the US Federal Reserve's interest rate cut.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,620.20 and 3,648.19 throughout the day. It ended the session at 3,638.54, up 13.78 points or 0.38% compared with Friday's close.

In economic news, Singapore's headline consumer price index, or overall inflation, rose to 2.7% year-on-year in August, because of higher food and housing costs, according to government data.

In company news, shares of Ying Li International Real Estate's (SGX:5DM) surged nearly 6% after its indirectly wholly owned subsidiary, Chongqing Ying Li entered into five separate agreements on Nov. 17, 2023 with Jiang Zi'an for the disposal of commercial units.

CapitaLand Ascott (SGX:HMN) was down over 1% after the company said that intends to indemnify the full amount of losses and that there will be no impact on distribution per stapled security for the year ending Dec. 31 after one of its executives was alleged to have mishandled funds within the trust's Australia's accounts.

Meanwhile, China Sunsine (SGX:QES) was down over 1% at the close after it bought back 81,300 shares in the open market, for SG$34,217 or SG$0.42 apiece.

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