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

MT Newswires

Oct 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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