Market Snapshot
Singapore stocks opened lower on Wednesday. STI fell 0.2%, SingPost rose 1%, ThaiBev rose 2%, KIT fell 4.3%, Lum Chang rose 1.7%.
Stocks to Watch
Keppel Infrastructure Trust: It has issued 456.6 million new units at an issue price of S$0.438 apiece on Wednesday, representing the highest end of the price range indicated when it proposed its equity fundraising the day before. The trustee-manager said the placement was about 2.5 times subscribed and will raise about S$200 million. The counter ended flat at S$0.465 on Monday before a trading halt. It will resume trading on Wednesday.
Wing Tai: The property developer widened its net loss for the second half ended Jun 30 to S$99.2 million, from S$50 million in the year-ago period. The decline came as Wing Tai’s associated and joint venture companies netted a loss of S$90.9 million for H2, more than double the loss of S$43.8 million previously. Shares of Wing Tai closed 0.8 per cent or S$0.01 lower at S$1.26 on Tuesday, before the announcement.
Lum Chang: The construction player swung back into the black with a S$3.7 million net profit for the second half ended Jun 30, compared with a net loss of S$29.3 million in the year-ago period. The bottom line improvement was due to cost savings from the finalisation of accounts with subcontractors and customers for completed construction projects. The counter closed 1.7 per cent or S$0.005 lower at S$0.29 on Tuesday, before the news.
SG Local News
OCBC moves to recover over S$6 million owed on mortgages for assets linked to money laundering case
OCBC has filed several claims in the High Court seeking over S$6 million from three foreign nationals who are possibly linked to the S$3 billion money laundering case.
In court documents seen by The Business Times, claims were initiated against Xu Haika and Wu Yamei, who had purchased two three-bedroom units on the 43rd floor of South Beach Residences.
New listings, liquidity, regulatory framework, governance among priorities for MAS review of equities market
The Monetary Authority of Singapore’s (MAS) new review group has identified priority areas for two workstreams amid its ongoing review of local equity markets.
Called the Equities Market Review Group, the panel was set up earlier this month to recommend measures to aid in the development of equities in Singapore.
It is chaired by Second Minister for Finance and MAS board member Chee Hong Tat, and includes private-sector stakeholders and public-sector representatives.
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