Singapore shares closed slightly lower on Friday, as news of easing retail sales growth dampened investor sentiment.
The Straits Times Index, the benchmark for the Singapore Exchange, ended the day 0.12% lower at 3,292.93, with trading ranging between 3,289.76 and 3,312.47.
This decline coincided with the release of economic data showing Singapore's retail sales growth slowing down in March. According to Statistics Singapore, retail sales rose just 2.7% year-over-year in March, following an upwardly revised 8.6% jump in February. The food and alcohol industry led the gains among sectors.
In company news, Beng Kuang Marine's (SGX:BEZ) shares fell over 2% even after the company reported that revenue for the first quarter of 2024 surged 113.1% to SG$28.6 million, from SG$13.4 million a year earlier.