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Singapore Shares Close Week in Red Amid Chipmaker Selloff

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Singapore shares remained in the red on Friday as investor sentiment was weighed down over a sell-off of chipmakers.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,491.51 and 5,521.84 throughout the day. It ended the session at 5,509.43, down 29.95 points or 0.5% compared to Thursday's close.

On the corporate front, shares of Metech International (SGX:V3M) were up nearly 5% at the close as the company reported it has not credited placement shares to subscriber Ma Ong Kee as the allotment could result in transfer of controlling interest.

Geo Energy Resources (SGX:RE4) closed nearly 3% lower as its Marga Bara Jaya (MBJ) Integrated Infrastructure commenced operations on July 16, marking the start of its expansion into infrastructure and logistics alongside its coal mining business.

Meanwhile, Mm2 Asia (SGX:1B0) signed an agreement to place around 16.3 billion shares at SG$0.000918 per share to MMRA for a total consideration of SG$15 million as part of its proposed restructuring.

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