Singapore Shares Surge as Inflation Eases Up; SingPost Rises 5%

MT Newswires10-23

Singapore's stock market surged on Wednesday, as US Treasury yields rose with Singapore's inflation easing up.

The Straits Times Index, a key benchmark for the Singapore Exchange, ranged between 3,587.89 and 3,616.84 throughout the day. It ended the session at 3,600.78, up 13.37 points or 0.37% compared to Tuesday's close.

In economic news, Singapore's headline consumer price index, or overall inflation, eased up 2.0% year on year in September from 2.2% in August, largely due to a steeper fall in private transport costs.

In company news, shares of Biolidics surged nearly 13% after the company completed the acquisition of Shenzhen Xiaozhao Network Technology through its wholly owned subsidiary, Embracing Future E-Sports.

Grand Banks shares zoomed over 6% at the close after the luxury yacht maker's after-tax profit was up 95% year over year to SG$5.4 million for the fiscal first quarter ended Sept. 30, from SG$2.8 million a year earlier.

Meanwhile, shares of KepPacOakReitUSD's were down nearly 2% at the close after its income available for distribution fell 8.8% year over year to $11.9 million in the third quarter of the year from $13.1 million.

Yoma Strategic rose 5%, SingPost rose 4.6%, OCBC rose 1.3%, Nio rose 0.8%, UOB rose 0.7%; SIA Engineering fell 1.7%.

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