Singapore Shares Extend Losses as Tech Stocks Lose Momentum; Autagco Surges 33%
Singapore shares closed the week lower, plunging nearly 1% on Friday, despite broader regional gains as regional semiconductor and technology stocks lost momentum.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,604.22 and 5,654.39 throughout the day. It ended the session at 5,628.50, down 45.08 points or 0.8% compared to Thursday's close.In economic news, Singapore's manufacturing sector remained optimistic about business conditions for the July-December period, though confidence eased from the previous survey, according to data released by the Singapore Economic Development Board.Meanwhile, Singapore's unemployment rate remained unchanged in the second quarter at 2% from the previous quarter, according to preliminary data from the Ministry of Manpower.On the corporate front, shares of Autagco (SGX:WNH) surged over 33% at the close as it entered into a definitive share purchase agreement to acquire the entire issued and paid-up capital of Malaysia-incorporated Edge Green Energy from Chiong You Kwong for SG$603,500.Seatrium's (SGX:5E2) shares closed over 1% higher as its profit attributable to owners surged 158% during the first half of the year to SG$372.9 million from SG$144.4 million a year earlier.Meanwhile, shares of MetaOptics (SGX:9MT) were down nearly 2% as the company, along with Elsoft Research, signed a strategic partnership to co-develop and mass produce next-generation 12-inch metalens laser writers and automatic testers.
