The benchmark Straits Times Index (.FTSTI) was 0.51% higher as of 11.00 a.m.
Shares of Singapore property firms fell on Monday after the government introduced new measures to cool the housing market, with City Developments (CDTM.SI) plunging as much as 5.2% to $10.26, leading a decline in property counters.
Singapore’s Straits Times Index added 0.7% to 2,750.11 as of 10:06 a.m. Eleven stocks gained for every two that fell on the 30-member gauge. Shares on the measure trade at 16.9 times estimated earnings, compared with about 10 times at the start of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
The following companies may have unusual price changes in trading today, say Bloomberg and Thomson Reuters. Share prices are from the previous close. The Straits Times Index dropped 1.1% to 2,732.12.
US stocks rose last night, helping the Dow post its fifth straight monthly gain, on hopes that the possible fallout from Dubai’s debt woes will be contained.
The following companies may have unusual price changes in trading today, say Thomson Reuters and Bloomberg. Share prices are from the previous close. Singapore’s Straits Times Index dropped 1.1% to 2,762.22 last Rhursday. The market was shut for a public holiday last Friday.
DBS Group Holdings (DBSM.SI) owns 50% of tiny Islamic Bank of Asia, which focuses on wholesale commercial banking, corporate finance, capital markets and wealth management services in the Middle East and Asia from its offices in Singapore and Bahrain. DBS also has a branch in Dubai. DBS, 28% owned by state investor Temasek (TEM.UL), derives the bulk of its revenue from Singapore and Hong Kong. But in its earnings statement for the second quarter ended June 2009, it blamed an increase in non-performing loans to “exposures to shipping and Middle East corporates and institutions”.
CIMB-GK Securities in a “quick take” report today on the government’s anti-speculative measures said “we believe the selling pressure could persist in the near term. However, we also anticipate values to re-emerge from this”.
“We retain our positive views on CityDev and Ho Bee with unchanged target prices of S$11.76 (20% premium to RNAV) and S$1.59 (parity to RNAV) respectively. The former has been very aggressive in the past year in pushing out property launches to very favourable take-up rates. Forward cash flows are expected to remain solid.
