Singapore Stocks Rise Tracking Global Gains; JAPFA Shares Surge Nearly 10%

MT Newswires10-29 17:37

Singapore's stock market closed higher on Tuesday tracking gains in the European and US markets, while the city-state's labor market expanded at a faster pace year over year.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,568.70 and 3,590.36 throughout the day. It ended the session at 3,590.36, up 6.28 points or 0.18% compared to Monday's close.

In economic news, Singapore's labor market expanded at a faster pace in the third quarter of the year with total employment rising by 24,100, almost double the growth of 11,300 in the previous quarter, according to the Ministry of Manpower's latest quarterly labor market report.

Furthermore, Singapore's Domestic Supply Price Index fell 7.1% year over year in September, following a 3.4% decrease in August. Singapore's Import Price Index also fell 7.9% year on year in September, following a 4.5% decrease in the preceding month, according to a report by the Department of Statistics.

In company news, shares of JAPFA (SGX:UD2) surged nearly 10% after the company booked a profit attributable to owners of $87.5 million for the January to September period, compared to a loss attributable of $22.7 million in the year-ago period.

Nanofilm Technologies (SGX:MZH) shares rose over 3% at the close after it reported strong growth during the third quarter of the year, with revenue surging 10% year over year to SG$60 million.

Meanwhile, Keppel's (SGX:BN4) shares closed nearly flat at the close after its wholly owned subsidiary, M1 Ltd., agreed to acquire a 70% stake in Vietnam-based ADG National Investment and Technology Development.

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