Singapore Shares Sink Further Despite GDP Growth

MT Newswires
10/14

Singapore shares incurred further losses on Tuesday, despite the city-state's GDP expanding in Q3, tracking regional losses as US-China trade wars take a new direction.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,346.01 and 4,417.24 throughout the day. It ended the session at 4,354.52, down 35.32 points or 0.8% compared to Monday's close.

In economic news, Singapore's economy grew by 2.9% year over year during the third quarter of the year, according to advance estimates by the Ministry of Trade and Industry.

Meanwhile, The Monetary Authority of Singapore decided to keep the country's policy settings changed, with the city-state showcasing strong resilience in face of challenges from US tariff.

In company news, shares of China Mining International (SGX:BHD) were down over 5% at the close as it subsidiary, Henan Zhongnong Huasheng Agricultural Science And Technology, is negotiating lower repayment interest rates with Shenzhen Qianhai WeBank.

Accrelist (SGX:QZG) was up nearly 3% as it allotted and issued over 1.4 million shares to independent directors under its performance share plan.

Meanwhile, Mapletree Logistics Trust (SGX:M44U) completed the divestment of 28 Bilston Drive in Victoria, Australia.

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