Singapore shares closed marginally higher on Monday, mirroring regional gains as markets reacted positively to the positive comments made by the US central bank chief over potential interest rate cuts.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,248.66 and 4,274.13 throughout the day. It ended the session at 4,256.49, up 3.47 points or 0.08% compared to Friday's close.

Frasers Property up over 5%; Mapletree Log, Frasers L&C Tr up over 3%; CityDev, Mapletree Ind Tr up over 2%; SingPost down 3%.

In economic news, Singapore's MAS core inflation, which excludes the cost of accommodation and private transport, cooled to 0.5% in July from 0.6% in June, according to a release by the Monetary Authority of Singapore (MAS).

In company news, shares of BRC Asia (SGX:BEC) were up nearly 5% at the close as it appointed Tan Lau Ming as its group chief operating officer, effective Aug. 22.

Rex International's (SGX:5WH) shares were up over 2% after its subsidiary, Lime Resources Germany, secured approval from Germany's mining authority to proceed with planning and drilling of wells in the Steig hydrocarbon accumulation.

Meanwhile, Raffles Education (SGX:NR7) were up over 6% as it received a letter of demand from Oriental University City Development in China for alleged late payments.