Singapore Shares Rise Mirroring Overnight Gains in Europe; Hotung Investment Surges 8%
Singapore's stock market rose on Tuesday, reflecting gains in European markets, with the Straits Times Index closing at 3,925.56, up 0.53%. Hotung Investment shares surged nearly 8% after reporting a profit of NT$155.9 million for the half-year ended Dec. 31, 2024. In contrast, Singapore Paincare's shares fell over 3% due to a 53% decline in profit to SG$453,000, while Tai Sin Electric's shares dropped over 1% despite a 129% profit increase to SG$15.9 million for the same period.
Singapore's stock market closed higher on Tuesday, mirroring overnight gains in the European markets where defense stocks responded positively to increased chances of military spending in the region.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,895.99 and 3,929.81 throughout the day. It ended the session at 3,925.56, up 20.71 points or 0.53% compared to Monday's close.
In company news, shares of Hotung Investment surged nearly 8% at the close after the company booked an attributable profit of NT$155.9 million for the half ended Dec. 31, 2024, against an attributable loss of NT$78.9 million a year earlier.
Singapore Paincare's shares were down over 3% after the company's attributable profit for the six months ended Dec. 31, 2024, declined 53% to SG$453,000 from SG$969,000 a year earlier.
Meanwhile, Tai Sin Electric's shares were down over 1% after its profit attributable to shareholders surged 129% during the fiscal first half ended Dec. 30, 2024 to SG$15.9 million from SG$6.9 million a year earlier.
