Singapore's stock market closed lower on Friday to end the week in red despite overnight gains in global markets.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,559.86 and 3,583.60 throughout the day. It ended the session at 3,573.36, down 8.87 points or 0.25% compared to Friday's close.
In economic news, The Asian Development Bank lifted its 2024 economic outlook for Singapore, thanks to an increase in demand for electronic goods and financial services.
In company news, Nio rose 5%; Keppel jumped 1.4%; DBS Group fell 1.8%.
Shares of Fuxin China were down nearly 4% on Friday's close after the company reduced its issued and paid-up share capital by SG$87.1 million as part of the company's proposed capital reorganization.
Ascent Bridge was down to nearly 1% after the company outlined plans to place 17.4 million new ordinary shares at SG$0.14 per share, raising nearly SG$2.4 million.
Meanwhile, shares of Rex International Holding were down nearly 3% after the oil and gas firm finalized a share swap agreement, acquiring a 46.67% stake in Xer Technologies through its subsidiaries, Rex International Investments, and Rex Technology Investments.
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