Singapore shares rose 0.9% as trading resumed after the extended Chinese New Year break. The Straits Times Index (SGX: ^STI), which was spurred by overnight gains in the US and also by a solid performance in Australia, put on 30 points to 3,301 points.
It would seem that markets have given President Obama’s State of the Union address the thumbs up. So, which individual companies in the Singapore market have been making headway today on a possible solution to America’s budget woes?
Shares in Hongkong Land (SGX: H78) shot to the top of topped the leader board in Singapore today. The property developer, which will announce full-year results on 7 March, has seen its shares climb steadily over the last few months. Since October last year, Hongkong Land shares have risen some 33%. Apparently, property experts in Hong Kong reckon that office rents in the city’s Central business district, where Hongkong Land owns and manages around 5 million square feet of office and retail space, may be bottoming out.
News that Tan Tong Hai will be the next chief executive officer of StarHub (SGX: CC3) was welcomed by the market today. The shares put on 3% to $4.05. The company said Neil Montefiore, who has been at the helm of StarHub for the past three years, will retire at the end of the month. Tan Guong Chin, chairman of the telecom company said: “Under Neil’s stewardship StarHub’s market capitalisation rose from S$4b to $6.7b”. Tan Tong Hai, who has been at StarHub since 2009, is the current chief operating officer.
Shares in Global Logistic Properties (SGX: MC0) put on 1.9% to $2.69. The company, which provides logistic facilities to manufacturers, posted a 31% jump in third-quarter profits last week. GLP also revealed that it had started developing 1.6m square metres of land in China. Additionally, it said China is seeing growth in domestic consumption. Confirmation of a revival in China’s economic growth was provided by news of a big rise in both imports and exports in January. Exports grew 25% and imports surged 29% from a year ago.
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