Singapore Shares Continue Positive Ascend; Dyna-Mac Soars 25%

MT Newswires09-12

Singapore's stock market continued its rise on Thursday, building on 52-week intraday highs on Monday and Tuesday as markets tracked improvement across Asia.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,535.45 and 3,559.10 throughout the day. It ended the session at 3,556.53, up 25.36 points or 0.72% compared to Wednesday's close.

In economic news, the 2024 GDP growth forecast for Singapore was upgraded to 2.6%, from an earlier estimate of 2.4%, according to the Monetary Authority of Singapore Survey of Professional Forecasters.

In company news, shares of Dyna-Mac (SGX:NO4) soared over 25% after the company received a voluntary conditional cash offer for all the issued and paid-up ordinary shares of the company by Hanwha Ocean.

Don Agro International's (SGX:GRQ) shares were down nearly 12% after its wholly-owned subsidiary, JSC Tetra, entered into agreements for the acquisition of a majority stake in 812 Capital and a minority stake in the Centre for Innovative Medical Technologies (CIMT).

Mapletree Logistics Trust (SGX:M44U) was up nearly 1% after the company revealed that it will divest three properties in Malaysia for a total of 157.5 million ringgit.

Seatrium rose 3.8%, ST Engineering rose 2%, SIA rose 1.6%, DBS rose 1.4%; SGX fell 3.4%, Nio fell 1.3%.

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