Singapore shares returned to green on Thursday, even as most of the regional indices fell amid uncertainty about US trade policies for the region.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,873.38 and 3,891.94 throughout the day. It ended the session at 3,891.94, up 20.89 points or 0.54% compared to Wednesday's close.
SIA Engeering, ST Engeering, DBS Group up around 2%; SingPost down 11.8%; Genting Sing, ComfortDelGro down about 2%.
Singapore Post Ltd.’s shares fell by a record after the company booked an underlying loss and issued a gloomy outlook on the back the of global trade tensions.
The shares dropped as much as 11.8% on Thursday, the deepest slump on record. The postal services firm booked an underlying loss of S$461,000 ($355,000) in the second half, from October to March, compared with S$28.1 million profit a year ago, it said. Revenue fell 12% year-on-year to S$387.5 million.
Revenue growth in property and freight forwarding was offset by declines in international cross-border businesses and Singapore postal and logistics, the report showed. International cross-border e-commerce logistics volumes continued to decline, down 43% from the same period a year earlier, amid geopolitical tensions and tough competitions.
Shares of Geo Energy Resources were down nearly 7% at the close, even after the company's profit for the first quarter of the year surged 63% to $14.1 million from $8.7 million a year earlier.
ComfortDelGro's shares were down nearly 2% after the company's profit after tax and minority interests (PATMI) was up 19% during the first quarter of the year to SG$48.3 million from SG$40.6 million a year earlier.
Shares of Kimly (SGX:1D0) were also down nearly 2% at the close after its attributable profit to owners declined by 16% during fiscal H1 to SG$14.8 million from SG$17.5 million a year earlier.
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