Singapore Shares End Week Higher in Anticipation of US Fed Rate Cute

MT Newswires

2024/09/13

Singapore's stock market ended the week in the positive territory, mirroring global gains in anticipation of US Federal Reserve interest rate cuts.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,556.30 and 3,572.84 throughout the day. It ended the session at 3,562.65, up 6.12 points or 0.17% compared to Thursday's close.

In company news, shares of Koh Brothers Eco Engineering were up over 4% after the company subscribed to an additional 30 million shares in wholly owned subsidiary, Koh Brothers Building and Civil Engineering Contractor, for a total consideration of SG$30.0 million.

Yangzijiang Shipbuilding closed over 3% higher, as the shipbuilder signed a joint venture agreement with Japan's Tsuneishi Holdings to acquire a 34% stake in Tsuneishi Group Shipbuilding.

Meanwhile, Keppel Infrastructure Trust was up over 2% after the trust revealed that it had fully utilized proceeds of around SG$200 million it raised from a placement activity.

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