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The Singapore Market this Week

The Straits Times Index (SGX: ^STI) closed at 3,100 points for the week. This was a rise of 2% over the previous week’s close of 3,039 points.

The largest gainer among the Straits Times Index’s 30 shares, commodities trader Olam International (SGX: O32), is also this week’s Singapore ”Flyer”. The firm closed at S$1.765, gaining some 12%. On the other hand, the STI component that fell the most was Hutchison Port Holdings Trust (SGX: NS8U), which consequently became the Falling Knife of the Week. The container port business trust last changed hands at US$0.63, falling by some 6% from a week ago.

In all, 21 of the Straits Times Index’s constituents ended the week in positive territory. Seven others were seen in negative territory while two finished the week unchanged.

In the mid-cap sector, Raffles Medical Group (SGX: R01) gained 4% to close at S$3.31. The healthcare provider will release its full year results on 24 February, Monday. Would it pay higher dividends for the whole of 2013 as compared to 2012’s dividend of 4.50 Singapore cents per share? Investors would know soon enough.

Medical devices maker, Biosensors International Group (SGX: B20), flew 13% to close at S$0.985. The company released its third quarter results last week where its quarterly net profit plunged 55% year-on-year to US$11.1 million.

A few days ago, Bloomberg ran an article titled “Citic Private Equity Said to Consider Biosensors Acquisition”. According to Bloomberg, Citic, a current shareholder of Biosensors, is pondering a buyout of the company. The medical device maker has since revealed that Citic “has had very preliminary discussions with certain external parties on a confidential basis to explore [options to enhance the value of its investment in Biosensors].” But crucially, there’s been no firm decision to pursue any options, including the rumoured-takeover.

At its current level of 3,100 points, the Straits Times Index is trading at a historical PE ratio of 13.3.

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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 Sudhan P doesn’t own shares in any companies mentioned.