Singapore Shares Rise Marginally to End Week in Green Following Slower US Economic Growth

MT Newswires05-31

Singapore's Straits Times Index rose slightly on Friday, amid slowed economic growth in the US.

The worldâs biggest economy expanded at an annual rate of 1.3% in the January to March period, the Commerce Department said, below the 1.6% figure published last month.

During the day, the benchmark Singapore Strait Times Index ranged between 3,323.20 and 3,336.59, ending 0.4% or 13.21 points higher at 3,336.590.

In economic news, Singapore bank loans fell to SG$804.33 billion in April from SG$807.75 billion in March, reflecting a sequential decline in business loans, according to the Monetary Authority of Singapore.

Shares of King Wan (SGX:554) were up nearly 3% after it secured mechanical and electrical contracts worth SG$43.6 million between October 2023 and March 2024.

AEM (SGX:AWX) was down nearly 6% after its chief operating officer Chandran Nair stepped down from his position, effective June 30.

Kop (SGX:5I1) was down nearly 3% after it posted a loss attributable to owners of SG$4 million in the fiscal fourth quarter ended March 31, compared with an attributable profit of SG$574,000 in the year-ago period.

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