Singapore’s STI is flat at 3220.58 midday, in low volume of 675 million shares worth $582 million, reflecting a lack of conviction in the market over its near term direction, while trading activity slows ahead of next week’s Lunar New Year holiday.
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Stocks were flat at midday, Genting Singapore weighs
January 28th, 2011 |
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Singapore stocks were flat at the midday on Friday, weighed by losses across regional bourses and in Genting Singapore’s (GENS.SI) shares.
By the midday break, the Straits Times Index (STI) <.FTSTI> was up 0.64 points at 3,220.47. The total value of shares traded in the morning session was $612 million, down from $838.8 million on Thursday.
Singapore 4Q private property prices rise 2.7% vs 2.9% in 3Q
January 28th, 2011 |
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Singapore’s private residential property prices rose 2.7% in the fourth quarter from the previous three months, slowing from the third quarter’s 2.9% rise, according to final estimates issued by the government Friday.
The fourth-quarter data is in line with the initial estimates published earlier this month.
Deutsche reinstates SATS at Buy; $3.80 target
January 28th, 2011 |
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Deutsche Bank reinstates SATS’ (S58.SG) Buy rating with a $3.80 target price saying the company is well-positioned for long-term structural growth.
“We like SATS given its strong market positions in both the aviation and food solutions sectors. We think (recent Japanese acquisition) TFK is value-accretive and estimate it adds 6% to our SATS valuation.”
CapitaLand flat; tepid interest in land parcel Buy
January 28th, 2011 |
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CapitaLand (C31.SG) flat at $3.65 with a moderate 2.2 million shares traded, as the developer’s purchase of a enbloc site at Marine Point for $100.68 million fails to generate much interest.
CapLand says inclusive of a $12.8 million development charge, the land cost works out at $1,056 psf per plot ratio. It plans to build 150 units of 1 and 2 bedroom apartments, for launch in 1H12.
Shell flares gases after unit disruption in Singapore
January 28th, 2011 |
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Royal Dutch Shell flared gases at its Pulau Bukom production site in Singapore on Jan. 26 after “an unplanned disruption to a process unit,” the company said in a notice on its website.
Credit Suisse reiterates Genting at Outperform; $2.65 target
January 28th, 2011 |
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Credit Suisse says it likes Genting Singapore (G13.SG) as a high beta and liquid proxy for the Singapore tourism sector. Cites “burgeoning tourist arrivals (projects 16% growth for 2011), positive GDP growth for Singapore and neighbouring Asian economies in 2011-12E and an active stock market.”
AMB Property Corp. and Prologis may Change GLP’s Japan landscape – UBS
January 28th, 2011 |
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Global Logistic Properties (MC0.SG) is flat at S$2.12 in muted trade, shrugging off news AMB Property Corp. (AMB) and Prologis (PLD) Thursday confirmed the two companies were discussing a potential merger of equals. UBS analysts Michael Lim and Adrian Chua say if the deal proceeds, “it would create a global industrial powerhouse.”
STI little changed at 3,220.05 at 9:57 a.m.
January 28th, 2011 |
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Singapore’s Straits Times Index was little changed at 3,220.05 as of 9:57 a.m. local time. The gauge is headed for a 1% advance this week. Six stocks rose for every five that fell in the benchmark index of 30 companies.
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 flat, market stalled; watch 3208 level – Phillip
January 28th, 2011 |
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Singapore’s STI is flat at 3219.44, amid weak regional markets, and as the local benchmark remains stalled after Wednesday’s strong gain. Volume amounts to 227 million shares traded worth $160 million, with gainers and decliners on the broad market evenly matched.
EUR/USD Performance Chart as at 3:30 a.m. Singapore time, 28/01/11
January 28th, 2011 |
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GBP/USD Performance Chart as at 3:30 a.m. Singapore time, 28/01/11
January 28th, 2011 |
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AUD/USD Performance Chart as at 3:30 a.m. Singapore time, 28/01/11
January 28th, 2011 |
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Jan 28: CapitaLand, SIA, SingTel
January 28th, 2011 |
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The following companies may have unusual price changes in Singapore trading. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index was little changed at 3,219.83.
CapitaLand (CAPL SP): Southeast Asia’s biggest developer said it has agreed to buy a residential property in eastern Singapore for $100.7 million . The property will be redeveloped into a condominium with 150 units, comprising of one-bedroom and two-bedroom apartments. CapitaLand slipped 1.1% to $3.65.
Jan 28: Singapore stocks may see weak start; CapitaLand in focus
January 28th, 2011 |
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Singapore shares may be see a weak start on Friday after rating agency Standard & Poor’s cut Japan’s long-term debt rating, sending the yen (JPY=) lower, but gains on Wall Street overnight may provide some support.
Singapore’s benchmark Straits Times Index <.FTSTI> closed 0.03% lower on Thursday at 3,219.83 points. Here are some stocks and factors to watch:
CapitaLand acquires Marine Point condo for $100.7m for redevelopment
January 27th, 2011 |
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CapitaLand says it has signed a sale and purchase agreement to acquire Marine Point condo for $100.68 million through a collective sale to redevelop the property into a condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments.
Located along Marine Parade Road, Marine Point sits on a 51,185 sqft freehold site with a maximum gross floor area of 107,488 sqft. The Marine Point site is located along Marine Parade Road, opposite the bustling Marine Parade Town Centre and Parkway Parade shopping mall.
Inclusive of an estimated development charge of $12.8 million, the total acquisition cost works out to $1,056 per square foot per plot ratio.
Longcheer posts 60% fall in 2Q net profit to $3m
January 27th, 2011 |
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Longcheer Holdings, the leading designer of mobile phones from China, says net profit attributable to shareholders fell 60% to RMB15.6 million ($3.03 million) for the three months ended Dec 31, 2010 (2QFY11).
Revenue declined 3% to RMB1 billion due mainly to decline in average selling prices although total shipment volume increased 40% from 5.76 million units in 2QFY10 to 8.04 million units in 2QFY11.
Bank of Singapore says yuan may appreciate 6% a year: Update
January 27th, 2011 |
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Investors should buy yuan-denominated assets or open yuan deposit accounts because the Chinese currency may appreciate by as much as 6% a year, according to Bank of Singapore.
“If anything is close to certain it’s that the renminbi will appreciate,” Head of Product Development Marc van de Walle said at a media briefing in Singapore today, using the yuan’s alternative name. “It’s got the potential to appreciate between 4% and 6% annually, and maybe even a bit faster,” he said, without providing a specific time frame.
STI little changed at 3,219.83 at closing
January 27th, 2011 |
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Singapore’s Straits Times Index gained was little changed at 3,219.83 at the close. About the same number of stocks rose and fell in the benchmark index of 30 companies.
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.
Fund manager Janus names international head, to boost Singapore operations
January 27th, 2011 |
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U.S. fund manager Janus on Thursday named Augustus Cheh as president of non-U.S. business arm Janus Capital International and said it also will base a fund manager in Singapore as part of a plan to grow its global operations.
Cheh, formerly CEO of AllianceBernstein Hong Kong, will take up his new position at Janus effective March 29. He will be based in Hong Kong.