Singapore shares rise to new high; STI up 0.3%
Other regional markets ended lower, amid signs of rising US inflation that is dampening investor sentiment.
The STI rose 0.3 per cent or 12.43 points to close at 4,132.25 – just shy of its intra-day peak of 4,132.41.
Across the broader market, advancers outnumbered decliners 384 to 178, with 1.5 billion securities worth S$1.3 billion traded.
The top gainer on the benchmark index was City Developments (CDL) , which rose 6.3 per cent or S$0.35 to S$5.92.
The property developer's shares surged on Wednesday after it announced that its board director Philip Yeo, who had backed executive chairman Kwek Leng Beng in his boardroom battle against his son, would be retiring.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
The biggest decliner was CapitaLand Integrated Commercial Trust . The counter fell 1.4 per cent or S$0.03 to S$2.19. The trust was also the most actively traded counter by volume, with 27.3 million units worth S$59.8 million traded.
Regional bourses mostly ended Wednesday lower.
Japan's Nikkei 225 was down 0.04 per cent, and South Korea's Kospi was down 0.9 per cent. Australia's ASX 200 fell 0.8 per cent, and Hong Kong's Hang Seng Index fell 0.3 per cent.
Their performance follows Tuesday's release of figures showed that the US consumer price index – an indicator for inflation – had risen 2.7 per cent year on year in June, up from 2.4 per cent the month before.
Alvin Liew, senior economist at UOB, said that the higher consumer price index figures for June show 'clearer marks of tariff-induced price increases'. However, he expects the US Federal Reserve to remain patient in cutting interest rates amid uncertainty over the impact of US tariffs.
UOB continues to hold the view that there would be three rate cuts of 25 basis points each in September, October and December.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
2 days ago
- Straits Times
Egyptian tycoon wins bid to throw out UK lawsuit over singer's murder
LONDON - Egyptian real estate tycoon Hisham Talaat Moustafa on Friday won his bid to throw out a London lawsuit brought against him by a former kickboxing world champion for ordering the murder of a Lebanese pop star in 2008. Talaat Moustafa, CEO of Talaat Moustafa Group, was convicted in Egypt of paying a former police officer to stab Suzanne Tamim, 30, to death at her luxury apartment in Dubai. He was initially sentenced to death in 2009, before his conviction was overturned on appeal. Following two retrials, Talaat Moustafa was convicted again and jailed for 15 years. He was pardoned by Egyptian President Abdel Fattah al-Sisi in 2017. Tamim, who rose to fame after winning a television talent show in the 1990s, had been in a relationship with Iraqi-British kickboxer Riyadh Al-Azzawi before she was killed. Al-Azzawi sued Talaat Moustafa at London's High Court in 2022, seeking damages for the psychological and emotional damage he said he suffered as a result of Tamim's murder. Talaat Moustafa sought to have the case thrown out, arguing Al-Azzawi's lawyers did not provide all relevant evidence when they were given permission to bring the case and that it should be heard in Dubai, rather than London. In a ruling dismissing the case on Friday, Judge Christopher Butcher said Al-Azzawi did not disclose relevant information about whether the lawsuit was brought too late when he sought permission to serve the case on Talaat Moustafa in Egypt. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore NTU upholds zero grade for student who used AI in essay; panel found 14 false citations or data Singapore Former NUH male nurse faces charges after he allegedly molested man at hospital Singapore Character counts as much as grades, Desmond Lee tells students Life Kinokuniya opens third bookstore at Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high The judge also said that "the courts of Dubai are clearly and distinctly more appropriate" if the case were to proceed. Talaat Moustafa's English lawyers did not immediately comment. Al-Azzawi's lawyers could not be contacted for comment. REUTERS
Straits Times
2 days ago
- Straits Times
Singapore shares end week on high; STI up 0.7%
Find out what's new on ST website and app. Across the broader market, advancers outnumbered decliners 430 to 147, after 2.2 billion securities worth $1.6 billion changed hands. SINGAPORE - The benchmark Straits Times Index (STI) capped a week-long rally to touch a new high on July 18. The STI rose 0.7 per cent, or 28.07 points, to close at 4,189.50, after hitting an intraday peak of 4,192.19. The gains were buoyed by DBS Bank, which hit a high of $47.05 on July 18 morning. It eventually closed 0.7 per cent, or 31 cents, higher at $46.99. Seatrium was the STI's top gainer of the day, rising 5.8 per cent, or 13 cents, to $2.38. The offshore and marine specialist was also the most actively traded counter by volume, with 36.7 million shares worth $85.9 million traded. The biggest decliner was property developer Hongkong Land. The counter fell 1.1 per cent, or seven US cents, to US$6.25. Across the broader market, advancers outnumbered decliners 430 to 147, after 2.2 billion securities worth $1.6 billion changed hands. Regional markets ended July 18 mixed. Australia's ASX 200 jumped 1.4 per cent to a record close of 8,757.20 points, and Hong Kong's Hang Seng Index was up 1.3 per cent. Meanwhile, Japan's Nikkei 225 slipped 0.2 per cent ahead of its Upper House elections this weekend. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore NTU upholds zero grade for student who used AI in essay; panel found 14 false citations or data Singapore Character counts as much as grades: Desmond Lee tells students after a class on race and culture Singapore Residents in South West District get help to improve employability, find career opportunities Life Kinokuniya opens third bookstore at Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high Mr Stephen Innes, managing partner at SPI Asset Management, said that political uncertainty is casting a long shadow over Japan's markets, given that the ruling Liberal Democratic Party-Komeito coalition might fail to secure a majority win in the Upper House.
Business Times
2 days ago
- Business Times
UOB awarded S$17.7m in civil suit against Lippo Marina Collection over inflated housing loans
[SINGAPORE] UOB has been awarded S$17.7 million in claims against Indonesian developer Lippo Marina Collection (LMC) and two property agents, Goh Buck Lim and Ms Aurellia Ho, in a long-running civil suit that began in 2014. The High Court's assessment of the damages dated Jun 30, 2025, follows a key ruling by the Appellate Division of the High Court, which in 2022, overturned an earlier judgement and found LMC, a unit of Lippo Group, liable for conspiring with the property agents to mislead the bank into disbursing inflated housing loans. The police commenced investigations into LMC following the October 2022 court ruling. The court noted that the conspiracy caused UOB to suffer substantial losses after it financed more than 100 per cent of the purchase prices of 38 condo units in Marina Collection, a high-end waterfront residential enclave developed and sold by LMC. UOB had granted approximately S$182 million in home loans between December 2011 and September 2013 to the purported purchasers of the 38 units, all of whom defaulted on their loans by April 2015. UOB, represented by a legal team led by Eddee Ng of Tan Kok Quan Partnership, had sought to recover S$92 million in losses. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The court recognised about S$53 million in claims but deducted S$37.2 million to account for repayments and rental income collected by the bank. UOB also received S$2.3 million in statutory interest. LMC is represented by Senior Counsel Siraj Omar of Siraj Omar LLC. The lawsuit centred around a rebate scheme concealed from UOB. The 124-unit Marina Collection in Sentosa Cove was launched for sale in late 2007, but only 42 units were sold by Mar 10, 2011, after a series of cooling measures were introduced. The courts heard that for subsequent condo purchases, LMC gave substantial 'furniture rebates' of 22 per cent to 34 per cent, which were used to offset the cash payments required for the purchases. These subsidies, undisclosed to UOB, led the bank to grant larger loans based on the full sale price stated in the purchase agreements. At the time, banks were allowed to lend up to 80 per cent of the purchase price of a residential property. UOB's loans exceeded the cap based on the inflated purchase prices. The actual purchase prices were significantly lower. The excess was paid to the buyer, so each of them gained a significant cash benefit from the purchase. In a brief judgment assessing damages dated Jun 30, 2025, Justice Aidan Xu found that UOB had suffered losses from the concealment of the subsidy, for which he awarded about S$50.8 million in 'excess loans' losses. This formed the bulk of the damages. UOB was also compensated for lost profits it could have earned through lending its funds to other customers, a component known as the credit spread. The court accepted UOB's evidence that there was sufficient demand for loans. Other awards included S$720,535 for the cost of funding the loans; S$967,093 for the credit spread and S$180,053 for investigation expenses, including staff time and private investigator fees. However, Justice Xu found that UOB had failed to mitigate its losses by not selling the repossessed condo units when there was a recovery in the property market in 2017. 'UOB need not have sold (the units) in the midst of softening conditions, that would have been a risky course of action,' said Justice Xu in his brief remarks. 'But when the market turned in 2017, UOB should have started selling at that point.' He also rejected UOB's argument that it was reasonable to delay mitigation while awaiting the outcome of the lawsuit. 'Wait and see is not what the law requires,' he said. Justice Xu also pointed out that UOB's loss was reduced through mortgage repayments and rent collected from the properties, which amounted to S$37.2 million, and that sum should be deducted from the total award. 'Notwithstanding the award, UOB intends to appeal the decision,' a UOB spokesman said in a statement to The Straits Times. THE STRAITS TIMES
