Singapore Shares Close Higher, Bucking Regional Trend

MT Newswires
03/03

Singapore shares finished higher on Tuesday, despite broader regional losses due to the US-Israel attacks on Iran, which led to the eventual blockade of the Strait of Hormuz, a major oil supply route.

The Straits Times Index ranged between 4,899.81 and 4,952.36 throughout the day. It ended the session at 4,916.65, up 25.79 points or 0.5% compared to Monday's close.

On the corporate front, UMS Integration (SGX:558) ended 2% higher after it agreed to acquire the remaining 30% stake it does not own in Starke Singapore for SG$8.2 million.

Lincotrade & Associates (SGX:BFT) was up nearly 2% after its associate, Linc Venture Land, unveiled a freehold residential project in Kuala Lumpur, Malaysia, called The Shang Residence.

Meanwhile, shares of Q&M Dental Group (SGX:QC7) closed nearly 1% higher after it agreed to inject an additional SG$7.8 million into its subsidiary, Aoxin Q&M Dental, via a share subscription.

STI up 0.5%; ST Engineering up 7%; Keppel, Singtel, YZJ Shipbldg up 2%; OCBC up 1%; Nio fell 4%.

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