The Singapore Market for the Week

For the week ending 13 June 2014, the Straits Times Index (SGX: ^STI) closed at 3,293 points, dropping slightly by 0.2% from 3,299 points, the level it was at the previous Friday (6 June 2014).

Out of the Straits Times Index’s 30 constituents, 12 finished in positive territory, 16 were in the red, while two –  Oversea-Chinese Banking Corporation (SGX:O39) and Singapore Technologies Engineering (SGX: S63) – were flat.

Outside the index,  STATS ChipPAC (SGX: S24) had experienced the biggest decline in the mid-cap sector with a slump of more than 10% from S$0.64 to $0.575. Interest in the share fizzled out after it was announced on Thursday this week that discussions Stats ChipPAC had with an unrelated third-party on a possible acquisition of the company have been discontinued. It added that some other entities have contacted STATS ChipPAC to explore a possible acquisition of the firm and that discussions with those other parties are on-going. It went on to say that there is “no assurance that any such discussions will result in any definitive agreement or transaction”.

Elsewhere, one of the biggest gains was logged by Blumont Group (SGX: A33). It surged 62% during the week to close at $0.06. The company recently announced that it had secured a US$30 million loan facility from Wintercrest Advisors LLC and that it had been granted an extension on the maturity date for the loan; according to the company’s press announcement, it “was granted an extension of the Maturity Date from the date falling six (6) months from the date of the first drawdown under the Facility to 15 March 2015 (or such later date as Wintercrest may agree to).”

The Straits Times Index is currently trading at a historical PE ratio of 13.9 and has a market capitalisation of S$538.4 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.