Singapore Shares Gain, Buck Regional Declines Due to Looming US Tariffs Deadline
Singapore shares climbed on Monday, bucking the trend in regional markets as investors grew anxious over US President Donald Trump's impending tariff deadline.
The Straits Times Index, a key benchmark for the Singapore Exchange, ranged between 4,011.88 and 4,031.86 throughout the day. It ended the session at 4,031.86, up 18.24 points or 0.5% compared to Friday's close.
In economic news, Singapore's official foreign exchange reserves declined to SG$515.8 billion in June, from SG$518.1 billion in the preceding month, according to preliminary data from the Monetary Authority of Singapore.
In company news, shares of Addvalue Technologies (SGX:A31) were up nearly 7% at the close after the company said it secured new orders worth about $2.1 million for its InterSatellite Data Relay System (IDRS) terminals.
Nanofilm Technologies (SGX:MZH) was down over 2% as the company entered into a sale and purchase agreement with Venzio Investments to acquire a 35% stake in Sydrogen Energy.
Meanwhile, shares of United Overseas Bank (SGX:U11) closed nearly 1% higher, despite the bank being fined SG$5.6 million by the Monetary Authority of Singapore for anti-money laundering-related breaches.
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