05:59 AM EDT, 03/24/2023 (MT Newswires) -- Singapore's Straits Times Index lost further ground on Friday to close the week in negative territory, even as Wall Street stocks ended higher overnight as markets weighed the implications of the US Federal Reserves' latest interest rate hike.

During the day, the benchmark index ranged between 3,200.90 and 3,223.93, ending 0.2% or 6.36 points lower at 3,212.64.

In economic news, Singapore's factory output fell sharply in February, decreasing 8.9% year on year during the month from the revised 3.1% contraction in the preceding month, according to data released Friday by the Economic Development Board.

In corporate news, Shares of Sembcorp Marine (SGX:S51) fell 8% on Friday's close, on news that the Comptroller General of Brazil has started a "preliminary administrative liability proceeding" against its unit, Estaleiro Jurong Aracruz, relating to the investigation of "alleged irregularities" carried out by Estaleiro.

SATS (SGX:S58) said its rights issue to raise about SG$798.8 million to partially fund the acquisition of air cargo handler Worldwide Flight Services was oversubscribed at 173%, sending the inflight caterer and ground handler's shares up 1% at market close.

Singapore-listed shares of Comba Telecom Systems Holdings (HKG:2342, SGX:STC) closed 4% lower on Friday, even as the company swung to an attributable profit of HK$190.2 million in 2022, or HK$0.0684 per share, from a loss of HK$592.6 million, or HK$0.2143 per share, in 2021.