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Singapore Shares Claw Back Despite US Reinstating Iran Blockade

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Singapore shares surge on Tuesday, despite the US president Donald Trump reinstating a blockade in the Gulf.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,411.59 and 5,501.31 throughout the day. It ended the session at 5,495.61, up 25.27 points or 0.5% compared to Monday's close.

In economic news, Singapore's economy grew 5.7% year over year in the second quarter, easing from 6.3% in the previous three months, according to advance estimates released by the Ministry of Trade and Industry.

On the corporate front, shares of EuroSports Global (SGX:5G1) closed over 2% higher as its subsidiary, Scorpio Electric, completed an on-road registration of its Lambda Scorpii electric motorcycle in Singapore.

Lum Chang Creations (SGX:LCC) is set to transfer its listing from the Catalist board to the Mainboard of the Singapore Exchange on Thursday.

Meanwhile, Singapore Shipping (SGX:S19) Chief Operating Officer Lim Bee Lan will step down from her role at subsidiary Island Line, effective Aug. 14, citing personal reasons.

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Beijing Digital Telecom Suspends Executive Director After Detention

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Market Chatter: CTBC Bank Opens NT$100 Million Asset Management Branch

CTBC Financial (TPE:2891) unit CTBC Bank opened its Asia Bay Branch in Kaohsiung, Taiwan, after investing NT$100 million in the flagship outlet, CNA reported Monday.The new branch will support Taiwan's drive to develop an Asian asset management center. The branch is the lender's 159th nationwide and 17th in Kaohsiung, offering retail banking, wealth management and private banking services under one roof, accoridng to Taiwan's national news agency.Chairman Chen Chia-wen said CTBC held more than a 25% market share in both clients and assets in the Kaohsiung asset management zone as of end-May. He added the bank intends to further expand the branch, which is its first location situated off a main street and one of only two branches offering Saturday consultation services, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Sandfire Resources Possesses More Attractive Development Opportunities Besides Montana Project, Jefferies Says

Sandfire Resources' (ASX:SFR) more attractive development opportunities besides the Black Butte project in Montana, as well as its modest scale, increase the likelihood of divestment, Jefferies said in a Monday note.The company modeled around 25,000 tonnes per annum of copper over a 12-year life-of-mine and a net present value of AU$91 million for Black Butte. The Lowry reserve increase of 4.7 million tonnes adds around four-years to the Black Butte life-of-mine.Jefferies reduced its capital expenditure forecast in-line with Sandfire's expectations to $475 million. Development of the Lowry deposit remains contingent on regulatory approvals with the company guiding to a six-year process commencing coincident with Johnny Lee deposit access decline development.Sandfire seems to hold an internal preference for the Kalkaroo project, with its increased scale and expedited development timeline, Jefferies noted.The investment firm retained its buy rating on Sandfire Resources with a price target of AU$24.Sandfire Resources' shares slipped 1% in recent Tuesday trade.

ASX:SFR