Singapore Shares Retreat 1%; Singapore Institute of Medicine Slumps 22%

MT Newswires08-01

Singapore's stock market retreated more than 1% on Thursday, despite an overnight rally in the US and European indices on news that the US Federal Reserve could cut interest rates as early as September.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,419.40 and 3,454.53 throughout the day. It ended the session at 3,419.84, down 36.10 points or 1.04% compared to Wednesday's close.

In company news, shares of Singapore Institute of Advanced Medicine crashed nearly 22% after the company forecasted a "significant" net loss after tax for the year ended June 30.

V2Y was up over 5% on market close as it completed the placement of 33,783,784 shares total consideration of SG$2 million.

Meanwhile, shares of Advanced Systems Automation slipped over 7% after the company provided an update on the drawdown of T2 bonds, use of proceeds and repayment of a loan taken from ASTI Holdings (SGX:575).

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