Shares on the measure trade at an average 14.6 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.The following shares were among the most active in the market.
But trade amounts to just 223,000 units changing hands, with investors’ interest subdued as the units are currently at their highest level since January 2008, while the market’s upbeat view on Singapore’s office sector has seen the units rise fairly steadily since K-REIT’s October announcement of an asset swap with Keppel Land (K17.SG) involving the acquisition of one-third interest in MBFC Phase 1.
Shares on the measure trade at an average 14.7 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg. The following shares were among the most active in the market.
STI index is off 0.7% at 3232.51, weighed by property and bank stocks on the government’s new property curbs. PhillipCapital analyst Phua Ming-weii says while sentiment has been heavy, the STI still has very good technical support, which is likely to keep the trend broadly bullish in the short-term.
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Singapore’s Straits Times Index fell 0.7% to 3,190.04 at the close of trading. About three stocks fell for each that rose on the benchmark index of 30 companies. The gauge climbed 10% this year, extending last year’s 64% advance. The measure also rose 1.4% this month, its fourth consecutive monthly increase.
Shares on the measure trade at an average 15.6 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.
Singapore’s Straits Times Index gained 0.7% to 3,206.15 as of the 12:30 p.m. midday trading break. Twenty-seven stocks advanced while none fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.7 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Singapore stocks are still down as investors remain wary of committing amid the growing tension on the Korean peninsula.
“As usual, people are selling first and asking questions later. Markets always tend to over-extend themselves in both good and bad times,” says an analyst from a Singapore bank.
Buyers are mostly avoiding larger-cap stocks in Singapore and going for lower liners amid a general lack of newsflow.
The STI at midday is down 0.7% at 3,186.76, coinciding with the 50-day moving average. Support is expected at this week’s 3,164 low set on Tuesday. In contrast, the FTSE ST Catalist Index is +1.4%.
Market breadth is negative with 2 decliners for every gainer.
Shares on the measure trade at an average 15.5 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Interest in K-REIT driven largely by optimism over Singapore office market’s recovery, with landlord’s recently proposed $1.43 billion acquisition of one-third stake in phase 1 of Marina Bay Financial Centre further boosting sentiment.
First REIT (AW9U.SG) +0.7% at $0.740, in line with broad market, STI +0.8%; units not reacting to news during break.
REIT lodges offer information statement with MAS, detailing plans to raise $172.8 million via rights issue to fund acquisition of hospitals in Indonesia, as news well flagged after REIT’s manager Bowsprit Capital announced issue on Nov 8.
Singapore stocks in broad-based advance, although gains generally modest. Gainers outnumbering decliners by 8.5 to 1.
STI +0.7% at 3,159.44, expected to face resistance at Tuesday’s 3187 intraday high. All FTSE ST sub-indexes positive.
“Direction still appears tenuous and we expect the local market to trade in a tight range,” says Kim Eng Securities; adds, Wall Street’s overnight gains based on “thinned-out holiday trade”.
Most active stocks in market comprise good mix of large, small caps, including Golden Agri-Resources (E5H.SG), +2.1% at $0.725, Gallant Venture (5IG.SG), +4.7% at $0.335, Genting Singapore (G13.SG), +2.0% at $2.04, Sapphire (589.SG), flat at $0.015, Viking Offshore & Marine (557.SG), +7.9% at $0.205.
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Shares on the measure trade at an average 16 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
OCBC Head of Research Carmen Lee says results in line with other 2 banks, net profit better than street; “the improvement came from better net trading income, earnings from financial investments and other income.
STI turns negative, down 0.7% midday at 3,140.01; broad reversal with 1.8 decliners/gainer (gainers outnumbered decliners 3 to 1 earlier). While trading range slightly larger than in recent sessions, consolidation theme still holds, says Dow Jones.
SGX +0.7%; ASX CEO comments not catalyst
Singapore Exchange (S68.SG) +0.7% at $8.91, not reacting much after ASX (ASX.AU) CEO Robert Elstone tells Dow Jones ASX will apply for regulatory approval for SGXs A$8.4 billion ($10.7 billion) takeover by end-November, is open to regulator suggestions to ensure deal gets approval.
Also says response from some Australian lawmakers emotional, misplaced. While comments bring some clarity on time frame for Australian regulatory hurdle, Kenneth Ng, Head of Research at CIMB, says nothing has changed.
“This deal, at the very starting point, was positive for both exchanges, I think it will eventually go through anyway.” Adds, backlash in Australia wasn’t unexpected, but “I have not been reading too much into all this political noise from the start.” Says, fundamentally, deal will create more liquidity, attract more listings, new products; vital for health of exchanges, and much needed in face of growth in North Asia’s bourses.
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