Singapore Shares Close Week in Red. STI Down 1.8%; DBS Group down 3.9%; OCBC down 2.7%; UOB down 2.2%
Singapore shares closed the week in red on Friday as US-China trade wars intensified, with Beijing slapping a retaliatory 125% tax on the US.
The Straits Times Index $(STI)$, a key benchmark for the Singapore Exchange, ranged between 3,464.44 and 3,530.16 throughout the day. It ended the session at 3,512.53, down 65.30 points or 1.83% compared to Thursday's close.
DBS Group down 3.9%; OCBC down 2.7%; UOB down 2.2%; Sats down 1.5%; SIA down 1.4%.
In company news, shares of Thakral (SGX:AWI) were up nearly 3% after its associated company, GemLife received approval to develop an over-50s lifestyle resort in Queensland, Australia, for AU$428 million.
SATS' (SGX:S58) shares were down nearly 2% at the close after it announced that its unit, SATS-Creuers Cruise Services, will lead the expansion of the Marina Bay Cruise Centre Singapore.
Meanwhile, Singapore Technologies Engineering's (SGX:S63) shares went up nearly 1% after it said its Urban Solutions business was awarded a turnkey rail services contract for a new Taichung MRT Blue Line worth SG$1.4 billion by the Rapid Transit System Bureau of Taichung City Government, Taiwan.
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