Singapore Shares Remain in Red Over Global Economic Pressures; Metech International Surges 11%

Singapore shares closed in the red zone on Thursday, with a combination of global macro pressures and profit-taking impacting investor sentiment.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,670.67 and 5,708.35 throughout the day. It ended the session at 5,684.12, down 37.47 points or 0.7% compared to Wednesday’s close.

On the corporate front, shares of Metech International (SGX:V3M) surged over 11% at the close as it completed the disposal of its 80% stake in Asian Eco Technology.

Micro-Mechanics (SGX:5DD) closed under 1% higher even though its profit after tax surged 66% in the fiscal fourth quarter ended June 30 to SG$5.3 million from SG$3.2 million a year earlier.

Meanwhile, shares of Mooreast (SGX:1V3) were down nearly 3% at the close as its subsidiary, Mooreast Asia, accepted an offer from JTC Corp. for a further 20-year lease of its property at 60 Shipyard Crescent in Singapore.