Singapore Shares Extend Gains, Track Regional Gains Despite Continued Fed Interest Rate Doubts

MT Newswires
Nov 20

Singapore shares extended gains on Thursday, closing on a high while tracking regional gains, dictated by strong earnings by Nvidia which cooled down the AI bubble worries, despite the US Federal Reserve not showcasing optimism towards an interest rate cut.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,504.00 and 4,526.93 throughout the day. It ended the session at 4,511.87, up 6.65 points or 0.2% compared to Wednesday's close.

In corporate news, shares of TSH Resources(SGX:TSH, KLSE:TSH) were up over 2% at the close as the company's attributable profit to owners during Q3 jumped 70% to 56.4 million ringgit from 33.1 million ringgit a year earlier.

City Developments (SGX:C09) was up over 1% after it completed the divestment of a residential asset in the U.S. for $143.5 million.

Meanwhile, shares of Aoxin Q & M Dental (SGX:1D4) surged nearly 8% at the close with the dental firm proposing to undertake a rights issue for up to 511.5 million shares at an issue price of SG$0.03 per share to raise net proceeds of around SG$15 million.

STI up 0.2%; Yangzijiang Shipbuilding, SGX up 1%; Nio fell 3%; SATS, Singtel fell 1%.

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