Singapore Shares Rise on US Inflation Data; City Developments Up 3%

Singapore shares closed higher on Thursday, defying a broader regional downturn as cooler-than-expected US inflation data buoyed investor sentiment.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,819.68 and 3,843.39 throughout the day. It ended the session at 3,837.52, up 4.45 points or 0.12% compared to Wednesday's close.

The index ultimately settled higher amid a backdrop of declining markets in other parts of Asia.

The positive performance is attributed to the release of US inflation figures that came in below expectations, sparking optimism about potential future interest rate adjustments by the Federal Reserve.

In company news, shares of City Developments C09 were up over 4% at the close of trading after the company revealed the resolution of legal proceedings initiated by certain directors against others, bringing an end to a period of internal strife.

Del Monte Pacific D03 was down nearly 3% at the close after the company's attributable loss to owners widened to $35.9 million in the fiscal third quarter ended Jan. 31, from $29.0 million a year earlier.

Meanwhile, shares of Mapletree Logistics Trust M44U were up nearly 1% after the trust agreed to dispose of its 31 Penjuru Lane property in Singapore for SG$7.8 million.