The Singapore Market this Week

StockMarketBoardThe Straits Times Index (SGX: ^STI) finished flat this week, as it dropped one point to close at 3,073 points.

Despite the lacklustre performance from the STI, some of its component stocks completed the week strongly. Thai Beverage (SGX: Y92) surged 3.3% to close at S$0.625 and Jardine Cycle & Carriage (SGX: C07) increased 1.3% to S$43.25.

On 18 March, Singapore Exchange queried Jardine C&C regarding its volatile share price movements – its  market capitalisation surged 4%. Next day, in response, the conglomerate said that it “believes that its share price may possibly have been impacted favourably by recent developments in Indonesia, through its significant investment in PT Astra International Tbk”.

Mr Joko Widodo, a popular Indonesian presidential candidate, has been nominated in Indonesia and that may have caused a spike in share price, it added.

It went on to say that the “continued recovery of the IDR since the beginning of the year may be another factor giving a positive boost to the Company when it translates Astra’s profit contribution from IDR to USD”.

At the other end of the spectrum, Global Logistic Properties (SGX: MC0) slumped 5.1% and Hongkong Land Holdings (SGX: H78) fell 3%, to close at S$2.62 and US$6.13 respectively.

On 19 March, Global Logistic Properties made public that it had signed a lease agreement of around 53,000 square meters with a leading Fast-Moving Consumer Goods (FMCG) company at GLP Park Hefei Hi-Tech in Hefei, Anhui Province, Midwestern China.

Elsewhere, BreadTalk Group flew 7.3% to S$1.10. It is just 8% away from its 52-week high share price of S$1.20 seen in April last year. No material news came out of the company for the week but it did release strong results recently

The STI is currently trading at a historical PE of 13.4 and sports a market capitalisation of S$505 billion.

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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.