Singapore Shares Rally. iFast, SingPost, IHH up 3%; ThaiBev, Sheng Siong up about 2%; SATS, ST Engineering up 1%

MT Newswires08-05

Singapore shares rallied on Tuesday, tracking regional gains, as investors were optimistic about the chances of the US Federal Reserve cutting interest rates next month.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,204.64 and 4,222.25 throughout the day. It ended the session at 4,208.58, up 11.35 points or 0.27% compared to Monday's close.

In economic news, Singapore's total retail sales increased 2.3% in June on a year-on-year basis, according to data released by the Department of Statistics Singapore.

iFast, SingPost, IHH up 3%; ThaiBev, Sheng Siong up about 2%; SATS, ST Engineering up 1%.

In company news, shares of Charisma Energy Services were up over 7% at the close, with the company expecting to post a substantial net profit in Q2 and H1.

Sunpower Group's shares were up over 4% as its subsidiary, Xintai Zhengda Thermoelectric, received 135.2 million yuan in biomass subsidies from the State Grid Corporation of China.

Meanwhile, shares of Rex International rose nearly 1% after its indirect subsidiary, Akrake Petroleum Benin, spudded the first well in the Seme Field in Block 1, Benin.

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