Singapore Shares Rally as GDP Grows 4.1 in Q3%; The Three Major Local Banks Rise Over 1%

MT Newswires

2024-10-14

Singapore's stock market surged on Monday thanks to robust economic growth reported by the Ministry of Trade and Industry.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,577.56 and 3,596.91 throughout the day. It ended the session at 3,595.91, up 22.15 points or 0.62% compared to Friday's close.

Singapore's GDP rose 4.1% year on year in the third quarter, faster than the 2.9% growth in Q2 and fastest in two years, according to advance estimates released by the Ministry of Trade and Industry.

In company news, shares of Wilton Resources (SGX:5F7) surged nearly 29% even after its Indonesian subsidiary, PT Wilton Makmur Indonesia, did not carry out any exploration activity during the third quarter of the year.

Frasers Logistics and Commercial Trust (SGX:BUOU) was down nearly 1% after the trust renewed its lease with the Commonwealth of Australia at the Caroline Chisholm Center in Australia.

Meanwhile, Hanwha Ocean has made a revised "final offer" for the acquisition of all the issued ordinary shares of Dyna-Mac Holdings (SGX:NO4) at SG$0.67 apiece.

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