Friday, April 3, 2015

Singapore: No interest in blue chips

If trading on Wednesday, the first day of the new quarter, was largely forgettable, the follow-up wasn't much of an improvement either.

On Thursday, the Straits Times Index displayed no verve or clear direction, the low volume of 1.4 billion units worth S$926 million one indication of the terminally dull phase the market now finds itself in. It did however, manage a 6.7-point rise to 3,453.75.

The unit average of S$0.66 suggested traders had to resort to punting the pennies to overcome boredom, an assessment that proved accurate after conversations with dealers.
"Is the market open today?" asked one wit, adding that with the market being closed on Friday for Good Friday, and with a key US jobs report due to be released that day, it probably made sense for traders to stay out for the time being. Whatever the case, the broad market excluding warrants chalked up 225 rises versus 188 falls. For the week, the STI was up about 3 points.

Not surprisingly, property and hotels firm IPC Corp leapt into the upper echelons of the volume list after news of general offer by businessman Oei Hong Leong at S$0.17 per share. The counter gained S$0.028 or 16 per cent at S$0.20 on volume of 56.7 million, leading some observers to suggest the market thinks a counter bid could be in the offing.

Singapore markets closed on Friday

[SINGAPORE] Financial markets in Singapore are closed on Friday for a public holiday. 

Tuesday, March 31, 2015

Stocks to watch: CCFH, Sino Construction, IPC, KepCorp, A-Reit

THE following stocks had announcements or developments that could affect trading activity on Tuesday.

CCFH: The company intends to diversify into fund management, helicopter leasing, and solar plants in the Caribbean islands.

Sino Construction: Its share price rose 20.7 per cent to 3.5 Singapore cents on Monday, after the company said it would raise S$6.5 million through the placement of 262 million new shares.
IPC Corporation: The company is in negotiations to sell its remaining seven hotels in Japan. The proposed sale price for the properties is in the region of S$150 million subject to agreement between the parties.

Keppel Corp: Its shareholding in Keppel Land had inched up 0.5 percentage point to 93.9 per cent by 5pm on Monday. This is still 1.6 percentage points short of the 95.5 per cent compulsory acquisition threshold for the higher offer price of S$4.60 per share to kick in. The final closing deadline of the offer is 5.30pm on March 31.

Ascendas Real Estate Investment Trust (A-Reit): It has completed the acquisition of The Kendall at 50 Science Park Road for a purchase consideration of S$112 million from Singapore Science Park Ltd, a wholly owned subsidiary of Ascendas Group, the sponsor of A-Reit.

Singapore's STI opens 0.35% higher, tracing gains in US, Europe

SINGAPORE share prices opened higher on Tuesday, with the Straits Times Index up 12.19 points or 0.35 per cent to 3,466.45 as at 9.01am, following rebounds in US and European markets.
Top gainers in early morning trade included Jardine C&C, DBS and Keppel Corp.

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A total of 110.2 million shares worth S$274.3 million had changed hands as at 9.01am, on the last day of the first quarter of 2015. Gainers outnumbered losers 105 to 36.

Monday, March 30, 2015

Singapore's STI opens weaker

SINGAPORE share prices opened lower on Monday, with the Straits Times Index down 7.27 points to 3,442.83 as at 9.01 am.
Some 84.2 million shares worth S$59.2 million changed hands, with gainers outnumbering losers 75 to 73.

This comes as Asian markets got off to a sluggish start in a week book ended with Easter holidays across the world and a US jobs report that could impact the timing of the first hike in interest rates there, according to a Reuters report. Tokyo shares opened almost flat, up 0.05 per cent, or 9.58 points, at the start on Monday, while Australia shares fell amid a slump in crude oil, sliding one per cent by 10.54 am Sydney time (7.54am Singapore time).

Final journey of Mr Lee, the whole country even the skies cried

DESPITE the torrential rain and claps of thunder, few in the crowd budged. Some had waited overnight, many others arrived before the crack of dawn.
The more than 100,000-strong crowd were united in objective - to bid a final farewell to their first prime minister, Lee Kuan Yew, as his cortege travelled from Parliament House in the Central Business District to the National University of Singapore (NUS) campus in Kent Ridge.

It was the grandest of send-offs for the revered 91-year-old, who died last Monday at the Singapore General Hospital after a long battle with severe pneumonia.

Fighter jets roared in the skies above and howitzers lined up on the Padang fired a 21-gun salute - an honour usually given only to sitting heads of state - at the start of the procession's 75-minute journey on Sunday.
Two navy patrol ships staged a ceremonial sailpast off the Marina Barrage and sounded three prolonged horn blasts of 10 seconds each.
All along the 15.4km route that passed through the heart of the city, Singaporeans cheered Mr Lee's name and waved the country's flag when they saw his casket, which was covered by the national flag and protected by a tempered glass case atop a two-wheeled gun carriage.

Pulled by a ceremonial Land Rover, the cortege passed many major landmarks such as City Hall, Old Parliament House, the Singapore Conference Hall and the NTUC Centre.
The cortege moved through Tanjong Pagar - where he was a Member of Parliament for 60 years - and then through the Jalan Bukit Merah and Commonwealth neighbourhoods.
At the University Cultural Centre (UCC) in NUS, the Singapore Symphony Orchestra performed Samuel Barber's Adagio on stage as the casket was carried into the hall.
More than 2,200 guests were already seated inside, including leaders and former leaders from 23 countries such as Japanese Prime Minister Shinzo Abe, India's Narendra Modi, Australia's Tony Abbott and former United States president Bill Clinton.
Delivering the first of 10 eulogies at the three-hour service, Prime Minister Lee Hsien Loong, the elder of Mr Lee's two sons, described the days since his father's passing as a "dark week" for Singapore.

PM Lee, who struggled to fight back tears a number of times as he paid his tribute, said that while "the light that has guided us all these years has been extinguished", Mr Lee's principles and ideals would continue to invigorate the government and guide the people.
"His life will inspire Singaporeans, and others, for generations to come. (He) once said that 'we intend to see that (Singapore) will be here a thousand years from now. And that is your duty and mine'. Mr Lee has done his duty, and more. It remains our duty to continue his life's work, to carry the torch forward and keep the flame burning bright," said PM Lee.