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Singapore shares close up 0.5% on Tuesday
SINGAPORE stocks closed higher on Tuesday, bouncing back from the previous day's decline amid official data showing inflation rates eased in June.
The Straits Times Index (STI) rose 0.47 per cent or 15.91 points to close at 3,373.13.
Gainers outpaced losers, with 266 stocks on higher ground compared to 194 that slid. The session saw 1.34 billion shares worth S$917.93 million changing hands.
On Tuesday, consumer price index (CPI) figures released by the Department of Statistics showed Singapore's headline inflation eased in June, ending a four-month streak of edging upwards.
Core inflation also continued to ease, strengthening economists' expectations of monetary easing ahead.
For the rest of the year, external sources of inflation "are likely to be benign", the Monetary Authority of Singapore and the Ministry of Trade and Industry said.
At home, labour market conditions have largely held up and will support moderate wage increases, but an acceleration in inflationary pressures is unlikely given Singapore's slower economic growth, global uncertainties and the continuing restraining effects of monetary policy tightening in 2018.
But the local stock market seemed to shrug off any growth concerns. The STI resumed Tuesday's afternoon session at 3,366.95, up 0.29 per cent, and did not venture into negative territory for the rest of the day.
Shares of industrial conglomerate Jardine Matheson Holdings (JMH) and electronic services provider Venture Corp were among the top performers. JMH closed up 0.22 per cent or 14 US cents at US$64.31, while Venture ended higher by 1.62 per cent or 25 Singapore cents to S$15.67.