Singapore Shares Extend Gains; Local Banks Shine

MT Newswires07-03

Singapore's stock market closed slightly higher on Wednesday, echoing positive sentiment in the US market, following comments from federal reserve chair about anticipated interest rate cuts.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,387.46 and 3,420.91 throughout the day. It ended the session at 3,415.51, up 47.61 points or 1.41% compared to Tuesday's close.

Sentiment remained upbeat in the local market, despite elevated services inflation in the eurozone.

Contrary to initial expectations, the far-right party in France garnered a less significant lead than predicted, following the first round of parliamentary elections.

In company news, shares of Advanced Systems Automation (SGX:WJ9) surged nearly 26% after it amended the terms of the company's proposed issuance of SG$20 million issuance of 5% redeemable convertible notes to Advance Opportunities Fund I and Advance Opportunities Fund VCC.

Hiap Seng Industries (SGX:1L2) was up 20% even after the company disclosed a cybersecurity breach involving unauthorized access to its servers by an unknown party.

Accrelist (SGX:QZG) shares surged nearly 18% after it proposed to acquire a 60% equity stake in Accrelist Nanjing Health Management, formerly known as Nanjing Yi Chuangyuan Health Management.

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