Friday 29 Mar 2024
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SINGAPORE (Nov 25): Interest in Singapore shares may be subdued with global investors paying more attention to stocks in China and Hong Kong on hopes that the recent interest-rate cut by the Chinese central bank would spur companies and consumers in Asia's largest economy to increase investment and spending.

Gains on Wall Street overnight may help, however, to limit any downside for Singapore stocks.

The Dow Jones Industrial Average ended little changed at 17,817.90, the S&P 500 gained 0.3% to 2,069.41 and the Nasdaq Composite rose 0.9% to 4,754.89.

The Shanghai Composite Index gained 1.9% to 2,532.88 while Hong Kong's Hang Seng Index rose 2% to 23,893.14 yesterday as investors welcomed China's move to lower borrowing costs.

The Straits Times Index ended 0.1% lower at 3,340.53 yesterday.

COMPANIES IN THE NEWS:

Pacific Andes Resources Development is seeking to raise $195.5 million through a rights issue to help its unit China Fishery Group pare debt.

The company will issue 3.83 billion rights shares at 5.1 cents each on the basis of four rights shares for every five ordinary shares held.  

Pacific Andes shares closed at 10.8 cents yesterday, up 2.9%.

Sapphire Corp, which recently exited the steelmaking business in China and made its foray into the mining sector, is now seeking to get involved in railway infrastructure development.

The company will acquire Hong Kong-incorporated Ranken Infrastructure, a China-based engineering, procurement and construction company, for RMB360 million ($75.9 million).

Xpress Holdings has reached a settlement with a creditor over a $380,000 loan granted to the printing company in August 2013. It has, however, received a writ of summons from another creditor seeking repayment of a $1-million loan.  

Xpress shares ended flat at 0.9 cent yesterday.

Yuexiu Property Co has won an open tender for a land parcel in Guangzhou city with a RMB6.45-billion ($1.29-billion) bid. The site has a gross floor area of 648,912 sq m.

Yuexiu shares were not traded yesterday. They last closed at 22.5 cents.

Ban Leong Technologies' managing director and controlling shareholder, Ronald Teng, has inked an agreement to sell 23.8 million shares, about 20.5% of the company, to another shareholder, Wang Wei, at 43 cents apiece.

The deal is expected to be completed in March next year, after which Wang will own 24.4% of Ban Leong while Teng will have a 17% stake.

Ban Leong shares were not traded yesterday. They last closed at 33.5 cents.

United Envirotech, a subject of a joint takeover by Chinese conglomerate Citic and private-equity firm KKR, has formed a joint venture with a state-owned enterprise in Beijing to set up a facility for assembling membrane modules used for wastewater treatment.

United Envirotech shares ended flat at $1.63 yesterday.

 

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