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Singapore Shares Remain Upbeat on US-Iran Peace Deal; Global Invacom Crashes 17%

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Singapore shares remained upbeat on Tuesday, tracking broader regional gains as investors' sentiment was uplifted by the US and Iran's deal to reopen the Strait of Hormuz.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,075.34 and 5,122.09 throughout the day. It ended the session at 5,116.86, up 39.57 points or 0.8% compared to Monday's close.

On the corporate front, shares of Global Invacom (SGX:QS9) plunged nearly 17% with the company targeting to raise up to SG$4.9 million for satellite technology expansion via a renounceable partially-underwritten rights issue of up to 140 million shares at SG$0.035 per share.

IX Biopharma (SGX:42C) closed over 8% lower as it unveiled plans to relocate its manufacturing equipment from its facility in Australia to a 503B-licensed plant in Nevada, U.S.

Meanwhile, shares of Jardine Matheson (SGX:J36) closed nearly 4% lower as it unveiled a new $500 million share buyback program, slated for conclusion by the end of 2027.

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