Singapore Shares Incur Losses Despite Regional Uplift Over Decline in Crude Oil Prices
Singapore shares closed in the red zone on Wednesday, despite improved investor sentiment across the region over declining crude oil prices and reduced pessimism over quickening inflation.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,710.40 and 5,745.23 throughout the day. It ended the session at 5,721.59, down 14.09 points or 0.3% compared to Tuesday's close.On the corporate front, shares of Penguin International (SGX:BTM) surged over 9% at the close as it secured a turnkey contract by the Singapore Ministry of Defense for the design, engineering and construction of two landing craft for the Republic of Singapore Navy.Singapore Post (SGX:S08) closed over 3% higher as its operating profit surged 55% during the fiscal first quarter ended June 30 to SG$4.1 million from SG$2.6 million a year earlier.Meanwhile, shares of Shangri-La Asia (SGX:S07, HKG:0069) were up nearly 3% at the close as its subsidiary, Edsa Shangri-La Hotel & Resort, has exercised its right to renew the land lease for the Edsa Shangri-La Hotel in Manila for another three years.
