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Singapore Shares Lower on Trump's Hawkish Stance on Iran

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Singapore shares fell on Wednesday, as the region ended mixed over US President, Donald Trump's hardline stance towards Iran at the UN General Assembly.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,682.58 and 5,735.97 throughout the day. It ended the session at 5,709.91, down 13.85 points or 0.2% compared to Tuesday's close.

At the UN General Assembly, Trump called for Iran's complete economic isolation, despite predicting a deal following the conclusion of the US midterm elections.

In economic news, Singapore's core consumer price index (CPI), which excludes accommodation and private transport costs, rose 2.2% year over year in August, according to joint data released by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

On the corporate front, shares of Datapulse Technology (SGX:BKW) closed nearly 2% lower as it received a no-objection letter from Singapore Exchange Regulation, granting an extension of time to hold its annual general meeting and issue its annual report for the fiscal year ended July 31.

ISOTeam (SGX:5WF) has raised SG$4.72 million from accredited and institutional investors following the close of its three-month Series 006 commercial paper.

Meanwhile, Incredible (SGX:RDR) filed an application with the Singapore High Court to place the company under judicial management.

What else is happening in Asia?

Asia

Shenzhen Megmeet Electrical Buys Out 46.3% Stake in Subsidiary

Shenzhen Megmeet Electrical (SHE:002851) will purchase the remaining 46.3% stake it does not own in subsidiary Shenzhen Megmeet Welding Technology for 663.6 million yuan, according to a Wednesday filing with the Shenzhen bourse.Following the sale of the stakes of 46 shareholders, the listed company will fully own the subsidiary.

SHE:002851
Asia

Zhejiang Wanliyang Appoints CFO

Zhejiang Wanliyang (SHE:002434) appointed Shi Yuqiong as chief financial officer after Zhang Leigang resigned from the top financial role due to a change in work responsibilities, according to a Shenzhen bourse filing on Wednesday.Shi's appointment came into effect on Tuesday. The term runs through the end of the current board's tenure.Qian Shouguang was also appointed head of the internal audit department after the previous department head resigned, the filing said.Shares of the Chinese auto transmission systems manufacturer fell over 2% in recent trade.

SHE:002434
Asia

Carimin Petroleum Raises Stake in Sealink International to 25.3%

Carimin Petroleum (KLSE:CARIMIN) acquired a 5.8% stake in Sealink International (KLSE:SEALINK) for 9.9 million ringgit in cash, according to a Tuesday filing with Bursa Malaysia.The acquisition involved 29.1 million shares bought at 0.34 ringgit each, between Sept. 18 and Sept. 22.Following the acquisition, Carimin's stake in Sealink rose to 25.3% from 19.5%, making Sealink an associate company.Carimin Petroleum said the acquisition was part of its ongoing investment strategy.The deal was funded through internally generated funds and does not require shareholder or regulatory approval, the filing said.

KLSE:CARIMINKLSE:SEALINK