Singapore Shares Rise Amid Expected Interest Rate Cuts By European Central Bank; Powermatic Down 3%

MT Newswires05-28

Singapore's Straits Times Index rose on Tuesday, following overnight gains in the European markets in anticipation of upcoming interest rate cuts by European Central Bank.

During the day, the benchmark Singapore Strait Times Index ranged between 3,320.20 and 3,335.61, ending 0.35% or 11.64 points higher at 3,330.09.

In company news, Powermatic (SGX:BCY) was down over 3% after it booked an attributable loss to owners of SG$2.9 million for six months ended March 31, compared with an attributable profit of SG$3.8 million in the year-ago period.

Shares of ISOTeam (SGX:5WF) were up nearly 2% after the company outlined plans to undertake a capital reduction exercise by canceling roughly SG$25 million of its issued and paid up capital which has been lost and unrepresented by available assets.

Shares of Ley Choon Group Holdings'(SGX:Q0X) were down over 3% even though its profit attributable to owners increased 21% in the fiscal second half after revenue improved due to higher construction activities in road works and cable laying projects.

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05-28
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