Singapore Shares Close in Red as PMI Slips; Global Invacom Surges 54%

MT Newswires

Sep 03

Singapore shares closed lower on Wednesday, tracking regional losses, as the city-state's PMI slipped during August and following a selloff in equity and bond markets.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,281.31 and 4,299.40 throughout the day. It ended the session at 4,289.33, down 9.18 points or 0.21% compared to Tuesday's close.

In economic news, Singapore's business conditions saw modest improvement midway through the third quarter but the overall rate of growth eased in August, according to data released by S&P Global.

Meanwhile, A survey of forecasters by the Monetary Authority of Singapore (MAS) saw economists raise forecasts for the city-state's growth in 2025, according to a report by MAS.

In company news, shares of Global Invacom (SGX:QS9) surged nearly 54% at the close as its unit, Global Skyware, launched its government band, multi-orbit XRJ transceiver.

Centurion (SGX:OU8) was up nearly 2% as it acquired Harum Megah, a Malaysia-based dormitory operator for 110.8 million ringgit.

Meanwhile, Ever Glory United's (SGX:ZKX) shares were down over 3% at the close after it completed the placement of 31 million shares at SG$0.55 per share.

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