Singapore Shares End Week in Black as Foreign Reserves Swell in January; SGX up 10%
Singapore's stock market continued to surge on Friday to end the week in green, tracking overnight gains in the global markets and responding to growth in the city-state's foreign exchange reserves during January.
The Straits Times Index, a key benchmark for the Singapore Exchange, ranged between 3,829.33 and 3,863.85 throughout the day. It ended the session at 3,861.42, up 31.00 points or 0.81% compared to Thursday's close.
In economic news, Singapore's foreign exchange reserves grew to SG$510.6 billion in January 2025 from SG$506.7 billion in December 2024, according to preliminary data from the Monetary Authority of Singapore.
In company news, shares of Net Pacific Fin slid nearly 12% after the company flagged a higher consolidated net loss for the year ended Dec. 31, 2024.
ST Engineering was up nearly 4% after it secured contracts worth about SG$4.3 billion during the fourth quarter of 2024.
Meanwhile, shares of CapLand Ascendas REIT were up nearly 2% at the close after its distribution per unit or DPU rose 3.2% in the second half of 2024 to SG$0.07681 from SG$0.07441 a year earlier.
STI rose 0.8%; SGX rose 10%; ST Engineering rose 3.5%; Nio, Singtel rose 1.6%; DBS rose 1%.
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