Singapore Shares Black as US Labor Market Data Hints at Possible Interest Rate Cut

MT Newswires

Sep 04

Singapore shares closed higher on Thursday, tracking gains across the region, as investor reacted to the possibility of the US Federal Reserve cutting interest rate following a weak labor report.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,292.06 and 4,305.13 throughout the day. It ended the session at 4,296.83, up 7.50 points or 0.17% compared to Wednesday's close.

In company news, mm2 Asia's (SGX:1B0) associated company's subsidiaries, mm Connect, MM2 Star Screen and MM2 Screen Management, received letters of demand from The Walt Disney Company (Southeast Asia) and The Walt Disney Company (Malaysia), in connection with the liquidation of Cathay Cineplexes.

Oiltek International's (SGX:HQU) shares were up nearly 3% at the close with the company stating that its projects in Indonesia have not been affected by the ongoing unrest in Indonesia.

Meanwhile, shares of OKP (SGX:5CF) were up nearly 1% as its capital in associated company, Chong Kuo Development was reduced after the latter increased its share capital to SG$4.7 million through a bonus issue.

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