Singapore Shares Close Higher Amid Middle East Peace Hopes; JustCo Plunges 18%

MT Newswires05-22 18:02

Singapore shares closed higher on Friday, tracking regional gains as investors responded positively to hopes of the US and Iran reach a deal to end hostilities.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,039.79 and 5,072.00 throughout the day. It ended the session at 5,068.15, up 22.44 points or 0.4% compared to Thursday's close.

On the corporate front, shares of JustCo (SGX:JCO) crashed nearly 18% at the close as it made a tepid trading debut on the Singapore Exchange on Friday, with its shares opening 11% below the IPO price.

Keppel (SGX:BN4) shares closed nearly 5% higher as its proposed divestment of its telecommunications arm, M1, to Tuas Ltd. (ASX:TUA) subsidiary Simba Telecom was terminated.

Meanwhile, shares of Bukit Sembawang Estate (SGX:B61) were up over 1% at the close as the company's profit before tax zoomed 58% in the fiscal second half ended March 31 to SG$99.4 million from SG$63.0 million a year earlier.

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