Singapore Shares Start Week in Black Tracking Regional Gains; Singapore Post Slumps 11% Amid Whistleblower Saga

MT Newswires12-23

Singapore's stock market surged to start the week in black, mirroring gains in the broader Asia-Pacific region. US stocks also rallied on Friday after a cooler-than-expected inflation report.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,715.52 and 3,763.13 throughout the day. It ended the session at 3,752.33, up 32.40 points or 0.87% compared to Friday's close.

In economic news, Singapore's headline consumer price index, or overall inflation, increased to 1.6% year on year in November from 1.4% in the preceding month. However, the Monetary Authority of Singapore (MAS) core inflation, which excludes the cost of accommodation and private transport, eased to 1.9% during the month from 2.1% in October.

Shares of Singapore Post (SGX:S08) plunged nearly 11% after the company terminated the employments of group chief executive officer Vincent Phang, group chief financial officer Vincent Yik, and chief executive of its international business unit Li Yu, effective Dec. 21.

The terminations follow the conclusion of the disciplinary proceedings against the trio's mishandling of a whistle-blower's report received earlier in 2024 about misconduct by company employees, according to a Sunday filing.

TalkMed Group (SGX:5G3) rose nearly 5% after it received a privatization offer from TW Troy through a scheme arrangement priced at SG$0.456 per share.

Meanwhile, shares of Nanofilm Technologies (SGX:MZH) were up nearly 3% as it confirmed the appointment of Shi Xu as the new CEO, effective Jan. 1, 2025.

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