Singapore Shares Close Lower; Huationg Plummets 17%

MT Newswires07-08

Singapore's stock market closed lower on Monday, as US labor market boosted expectations for interest rate cuts.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,396.47 and 3,413.78 throughout the day. It ended the session at 3,404.47, down 6.34 points or 0.19% compared to Friday's close.

Meanwhile, in Europe, shares ended the previous week in red with investors showing more caution ahead of the second round of voting in French parliamentary elections.

In company news, shares of Huationg Global (SGX:41B) crashed nearly 17% after the company revealed that it expected to book a decline in its dormitory operation segment for the year ending Dec. 31.

Dyna-Mac Holdings (SGX:NO4) was up over 9% after the company forecasted a higher net profit for the first half of 2024 due to the completion of major projects, improvement in productivity, and increase in revenue.

Shares of New Toyo (SGX:N08) were down nearly 4% after it bought back 4,800 shares in the open market for SG$1,209.

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