Singapore Shares Tumble on Renewed US-China Trade Tension

MT Newswires

Oct 13

Singapore shares tumbled on Monday, tracking regional losses after U.S. President Donald Trump said he could impose a 100% tariff on China on top of existing levies following Beijing's decision to tighten export controls on rare-earth minerals.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,362.40 and 4,395.44 throughout the day. It ended the session at 4,389.84, down 37.22 points or 0.8% compared with Friday's close.

In company news, shares of InnoTek (SGX:M14) surged over 36% at the close of trading as its subsidiaries secured contracts from NVIDIA and IEIT Systems (SHE:000977).

AJJ Medtech (SGX:584) surged over 14% after its subsidiary, AJJ Healthcare Management, signed an MOU with Hangzhou Huaxi Intelligent Technology to collaborate on the development of a humanoid elderly care robot.

Meanwhile, IREIT Global (SGX:8U7U) completed the refinancing of its German portfolio and was also granted an additional credit facility of around 20 million euros to finance a portion of the capital expenditure required for the repositioning of the Berlin Campus.

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