Singapore Shares Gain Further Momentum as GDP Grows in Q2; Nio Surges 9%

MT Newswires07-14

Singapore shares gained further momentum on Monday as the city-state logged a 4.3% GDP growth rate despite a tumultuous quarter dictated by global financial and security concerns.

The Straits Times Index, a key benchmark for the Singapore Exchange, ranged between 4,090.98 and 4,109.21 throughout the day. It ended the session at 4,109.21, up 21.40 points or 0.52% compared to Friday's close.

In economic news, Singapore's economy grew by 4.3% year on year during the second quarter, extending by 4.1% in the previous quarter, according to flash estimates by the Singapore Department of Statistics released on Monday.

In company news, shares of MDR Limited surged nearly 18% at the close after the company revised the terms of its renounceable non-underwritten rights cum warrants issue by proposing an issue of up to 1,450,183,783 shares at an issue price of SG$0.03 for each rights share.

Nordic shares were up over 4%, with the company securing several contracts worth around SG$48.7 million.

Meanwhile, NTT DC REIT USD made its bow on the mainboard of the Singapore Exchange, with the manager issuing 1,030,209,500 units.

STI up 0.52%; Nio rose 9%; UOL, CityDev up 3%; AEM up 2%; SIA, DBS, OCBC up 1%.

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