Singapore Shares End Week in Black Despite Global Retreat; OTS Down 8%

MT Newswires ·  May 17 17:38

Singapore's Straits Times Index rose on Friday to end the week on a positive note, despite an overnight global retreat amidst expected US interest rate-cut impacts.

During the day, the benchmark Singapore Strait Times Index ranged between 3,292.13 and 3,313.48, ending 0.26% or 8.49 points higher at 3,313.48.

In economic news, Singapore's non-oil domestic exports declined 9.3% year over year in April, slowing from the 20.8% contraction in the previous month, with electronics exports recording a growth while non-electronics posting a decline, according to a report from Enterprise Singapore.

In company news, shares of OTS Holdings (SGX:OTS) were down nearly 8% after its indirect wholly owned subsidiary, Ellaziq Malaysia, completed the acquisition of a property for approximately SG$3.7 million.

Lum Chang (SGX:L19) was up nearly 2% after its employee Ong Yen Sheng was granted a further adjournment of four weeks by the State Courts regarding the summons issued to him in December 2023.

Shares of Pan-United (SGX:P52) were down over 1% after it repurchased 37,000 shares in the open market on Thursday for SG$16,562.

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