Friday 29 Mar 2024
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SINGAPORE (June 30): Singapore shares rose, even as other Asian bourses put in a mixed performance. Mainland Chinese equities extended their rout, with a reduction in benchmark lending rate and reserve-requirement ratio for some lenders failing to quell a market sell-down.

At 10:24am (0224 GMT), the Straits Times Index gained 0.82% to 3,307.17. Market breadth was positive, with 156 gainers outpacing 125 losers.

Singapore Telecommunications, DBS Group Holdings, CapitaLand, United Overseas Bank, and Oversea-Chinese Banking Corporation were among the most active stocks in the market.

Among top gainers were Jardine Matheson Holdings, Jardine Strategic Holdings, and Great Eastern Holdings, while Silverlake Axis, Lafe Corporation, and MS Holdings led decliners.

Suntec REIT traded flat at $1.71. ARA Trust Management (Suntec), the manager of the REIT which invests in retail and office properties, announced plans to divest Park Mall for $411.8 million. In conjunction with the divestment, Park Mall Investment, a joint venture company of which Suntec REIT has a 30% interest, has been set up to redevelop Park Mall into a commercial development comprising two office blocks with an ancillary retail component.

Sincap Group last traded at 6 cents on June 29. The company, which is principally engaged in the trading of alumina and thermal coal, requested for trading halt pending the release of announcements.

Among top decliners, MS Holdings plunged 20.8% to 19 cents. The crane rental company reported last Friday that FY2015 net profit fell 37.5% to $2 million from $3.2 million a year ago, hit by depreciation expenses and one-off IPO related expenses

IREIT Global fell 1.2% to 79.5 cents. The manager of the REIT, which invests in a portfolio of office real properties in Europe, announced that it has agreed to acquire a property in Berlin for 144.2 million euros ($217.7 million). It is planning to raise gross proceeds of $88.7 million through a renounceable rights issue of 189.6 million new units at 46.8 cents.

OUE Commercial REIT dipped 0.6% to 80.5 cents. The manager of the REIT, which invests in commercial real estate, announced plans to issue some 393.3 million new units in a rights issue to help fund its proposed acquisition of an indirect interest in One Raffles Place from sponsor OUE Limited. Unitholders will be able to subscribe to 9 new units at 55.5 cents each for every 20 units held.

 

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