Singapore Shares Surge on Slowing US Inflation; Miyoshi Plunges 17%
Singapore shares gained more than 1% at the close on Wednesday, tracking regional gains following a slowdown in US inflation scaled back expectations for interest rate hikes.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,501.43 and 5,561.42 throughout the day. It ended the session at 5,559.72, up 64.11 points or 1.2% compared to Tuesday's close.On the corporate front, shares of Miyoshi (SGX:M03) plunged nearly 17% at the close as its Philippines-based subsidiary, Miyoshi Technologies Phils., received a letter of demand from BDO Unibank over a $1.3 million outstanding credit line and term loan.Info-Tech Systems (SGX:ITS) closed nearly 9% higher with the company expecting to report "another strong set" of financial results for the first half of the year.Meanwhile, shares of Addvalue Technologies (SGX:A31) were up nearly 8% at the close as it subsidiary, Addvalue Solutions, has engaged professionals to support preparatory work for its proposed spin-off listing on the Nasdaq Stock Market or the NYSE.
