The Straits Times Index (SGX: ^STI) has finally managed to break a streak of four consecutive losing days starting from last Wednesday. But, it wasn’t any fantastic news as the index closed flat at 3,291. Even so, there were still stocks with nice gains both within and outside the index. Let’s take a look at some of them.
With a 3.3% climb to $2.19, CapitaMall Trust (SGX: C38U) was the biggest gainer in the STI today. Even so, the retail-mall REIT has not fully recovered from the drubbing it received after Japan’s Nikkei Index collapsed by 7% on 23 May 2013 on the back of rising interest rates in the Land of the Rising Sun. As a group, REITs suffered quite badly following the interest rate hikes due to their highly leveraged nature. With rising interest rates, REITs will be negatively impacted as debt becomes more expensive to service, leading to smaller incomes.
Starhub (SGX: CC3) was the next biggest winner in the STI as it rose by 3.2% to $4.17. The telecommunications company’s shares have been on a downward slide in May, losing more than 12% of its value, so any upward tick should be welcome news. Starhub’s first quarter results for 2013 saw its quarterly profits jump by 3.2% to S$91.2m, while revenues dropped by 1.8% to S$580.1m.
Outside the index, we have YongNam Holdings (SGX: Y02), which jumped by 8.8% to $0.37 on no news. Last week, the structural-steel contractor and provider of civil engineering announced that it had bid for a project to build Hanthawaddy International Airport in Myanmar. The company will be joining forces in a consortium comprising Changi Airport Planners and Engineers and JGC Corporation for the project. Earlier in April, the same consortium had also submitted a proposal to design and build Yangon International Airport, which is also in Myanmar.
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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chong Ser Jing doesn’t own shares in any companies mentioned.