Singapore Shares Plunge as Investors Fret Over Inflation, Hormuz Prolonged Blockade

MT Newswires04-23 18:09

Singapore shares extended their losses on Thursday, plunging more than 1%, tracking regional losses as investors dreaded the fragility of the US-Iran ceasefire.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,942.06 and 4,991.85 throughout the day. It ended the session at 4,944.11, down 58.61 points or 1.2% compared to Wednesday's close.

In economic news, Singapore's core inflation, which excludes the cost of accommodation and private transport, rose 1.7% year on year in March from 1.4% in the previous month, according to a joint release by the Monetary Authority of Singapore and the Ministry of Trade and Industry.

On the corporate front, shares of Nanofilm Technologies International (SGX:MZH) soared over 40% at the close as its revenue spiked 24% year over year in the first quarter of the year to SG$55 million.

Shares of Kin Global (SGX:KIN) jumped over 15% at the close, with the company's commencing trading on the Catalist board of the Singapore Exchange.

Meanwhile, Keppel (SGX:BN4) was down over 3% at the close as its net profit for the New Keppel, which excludes non-core portfolio for divestment and discontinued operations, was slightly lower year over year in Q1.

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