Singapore Shares Close Week Lower as Trump Stands Firm on China Tariffs Stance

MT Newswires
10/17

Singapore shares closed the week lower, tracking regional gains as US President, Donald Trump, doubled down on his stance towards a 100% tariff on China over Beijing's rare earth export controls.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,311.65 and 4,348.62 throughout the day. It ended the session at 4,328.93, down 27.27points or 0.63% compared to Friday's close.

In economic news, Singapore's non-oil domestic exports or NODX, grew by 6.9% year over year in September, following the 11.5% contraction in the previous month, according to data released by Enterprise Singapore.

In company news, shares of PropNex (SGX:OYY) were down over 5% at the close after it said that certain claimants discontinued and withdrew a lawsuit against its subsidiary, PropNex Realty.

Singapore Land Group's (SGX:U06) shares were down nearly 3% as its indirect joint venture, United Venture Development (2022), secured a tender for a residential site at Dorset Road, Singapore, for SG$524.3 million.

Meanwhile, shares of Sembcorp Industries (SGX:U96) were down over 1% after its subsidiary Sembcorp Utilities, along with Sarawak Energy, secured approval to import renewable energy from Sarawak to Singapore.

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