Market Snapshot
Singapore stocks opened lower on Thursday. STI fell 0.3%, SIA fell 0.6%, Nio fell 7%, KIT fell 1.1%, PEC rose 10.3%.
Stocks to Watch
Prudential: Its new business profit – a measure of profitability for insurance businesses – fell 1 per cent to US$1.47 billion on an actual exchange rate basis for the first half ended Jun 30, from US$1.49 billion a year earlier. The Asia-focused insurer on Wednesday attributed this marginal decline to high base effects across many markets last year. Shares of Prudential closed flat at US$8.99 on the Singapore Exchange, after the news.
PEC: Its net profit surged 176 per cent to S$10.8 million for the second half ended Jun 30, from S$3.9 million in the previous corresponding period. The increase was mainly due to a rise in the number of projects and maintenance works from overseas, said the engineering company on Wednesday. Its board has proposed an ordinary dividend of S$0.02 per share, and a special dividend of S$0.015 per share for the full year. The counter closed 4.9 per cent or S$0.025 higher at S$0.535, before the news.
SG Local News
Demand falls for latest Singapore Savings Bond with 10-year average return of 3.1%
The latest Singapore Savings Bond (SSB) allotted on Wednesday (Aug 28) saw a fall in the number of applications, as yields slipped from the earlier tranche.
The September tranche of the Singapore government-backed bonds received a total of S$829.4 million in applications, for the S$900 million that was offered.
A total of S$799.4 million was applied within individual allotment limits, and this amount was fully allotted.
SGX RegCo mandates delisting of Dragon Group
The Singapore Exchange Regulation (SGX RegCo) has mandated the delisting of Dragon Group.
In its delisting notice, SGX RegCo will delist the company on 9 September, 9 a.m.
The company will provide further details about its delisting in due course.
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