Singapore shares rallied once more on Friday to end the week in black after the US Federal Reserve cut interest rates by a quarter of a percentage point on Thursday.

The Straits Times Index fluctuated between 3,685.96 and 3,742.82 during the day. It ended the session at 3,724.37, up 50.88 points or 1.39% from Thursday's close.

In economic news, Singapore's foreign exchange reserves surged to SG$507.6 billion in October from SG$499.7 billion in September, preliminary data from the Monetary Authority of Singapore on Thursday showed.

The increase was mainly driven by the month-on-month increase in gold and foreign exchange to SG$497.5 billion from SG$489.7 billion.

In corporate news, UOB net profit rose 11% year over year in Q3 to SG$1.61 billion from SGG$1.38 billion, sending the lender's shares up 7% at market close.

ocbc bank shares closed 1.1% on Friday's close, as the group net profit for the third quarter of the year was up 9% year over year to SG$1.97 billion from SG$1.81 billion.

SATS LTD. finished more than 3% lower on Friday, even as the company returned to a profit attributable to owners in the half-year ended Sept. 30 of SG$134.7 million from an attributable loss of SG$7.8 million a year ago.

UOB rose 7.2%, Nio rose 4%, DBS rose 1.7%, OCBC rose 1.1%; SATS fell 3.3%, SIA fell 0.6%.