Singapore Shares Marginally High as Manufacturing Output Jumps; GRP Surges 32%

MT Newswires08-26

Singapore's stock market closed marginally higher on Monday as the country's manufacturing output went up in July, couple by US Federal Reserve chair Jerome Powell's remarks indicating that the central bank is likely to cut its policy rate in September.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,384.18 and 3,406.63 throughout the day. It ended the session at 3,396.03, up 8.040 points or 0.24% compared to Friday's close.

In economic news, Singapore's manufacturing output rose 1.8% year-on-year in July, with a stronger 3.4% increase excluding biomedical manufacturing, according to data released by EDB Singapore.

In company news, shares of GRP surged nearly 32% after the company booked a profit attributable to owners of SG$1.1 million for the quarter ended June 30, as opposed to a loss attributable to owners of SG$5.1 million in the year-ago period.

IPS Securex was up over 22% after the company's loss attributable to equity holders shrank to SG$79,524 in the first half of 2024 from SG$773,071 in the year-ago period.

Meanwhile, Silverlake Axis' profit attributable to owners slumped 79% year over year to 14.7 million ringgit from 70.3 million ringgit.

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