Singapore's stock market closed the week in the positive territory, driven by improved gross domestic product expectations for the remainder of the year that boosted market sentiment.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,738.75 and 3,755.04 throughout the day. It ended the session at 3,746.02, up 6.80 points or 0.18% compared to Thursday's close.
In economic news, Singapore raised its 2024 GDP growth forecast to around 3.5%, from a previous range of 2% to 3%, driven by stronger-than-expected performance in key sectors such as manufacturing and finance, according to data released by the Ministry of Trade and Industry (MTI).
In company news, Thai Beverage's shares were up nearly 2% at market close, even as the company's attributable profit to owners of the company fell to 27.22 trillion baht for the year ended Sept. 30, from 27.43 trillion baht a year earlier.
Singapore-listed shares of TSH Resources' were down nearly 3% at the close, even as the company's profit attributable to owners of the company rose 12% to 33.1 million ringgit in Q3, from 29.5 million ringgit a year earlier.
PSC Corp. was up nearly 2% after the group completed the acquisition of a freehold vacant land in Pontian, Johor, Malaysia, for about 3.3 million ringgit.
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