Singapore Shares Close Higher Despite Stalling US-Iran Talks; Nam Cheong Down 6%
Singapore shares closed in black on Monday, despite broader regional losses amid continued stalling talks between the US and Iran.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,956.53 and 4,999.93 throughout the day. It ended the session at 4,996.75, up 7.67 points or 0.2% compared to Friday's close.Iran's Foreign Ministry spokesperson confirmed that talks between the two countries are ongoing through Pakistan.In economic news, Singapore's non-oil domestic exports (NODX) jumped 24.5% year over year in April, extending the 15.3% increase in the previous month, according to data released by Enterprise Singapore.On the corporate front, shares of Nam Cheong (SGX:1MZ) closed nearly 6% lower even though the marine company's attributable profit to owners surged 159.5% during the first quarter of the year to 78.9 million ringgit from 30.4 million ringgit a year earlier.ST Engineering's (SGX:S63) shares were up over 4% as its revenue climbed 11% in the first quarter of the year to SG$3.26 billion from SG$2.92 billion a year earlier.Meanwhile, shares of Rex International (SGX:5WH) closed over 2% lower with the oil and gas firm conforming it will temporarily discontinue reporting of monthly production figures across its assets in the Middle East, Norway and Germany.