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Singapore Airlines Leads The Market Lower This Week

Singapore_airlines_logoAfter five consecutive weeks of gains, the local market barometer, the Straits Times Index (SGX: ^STI), finally took a breather for this holiday-shortened week. It closed at 3,344.4 points on Friday, down 0.2% for the week.

Of the 30 component stocks in the STI, eight were in the positive territory while the majority – 21 of them – were in the red.

Genting Singapore PLC (SGX: G13) finished the week flat. Two companies that are related to each other, SIA Engineering Company Limited (SGX: S59) and Singapore Airlines Limited (SGX: C6L), lost the most ground, down 5.7%.

The biggest gainer in the index was Hongkong Land Holdings Limited (SGX: H78), which added 3.1% to US$6.93.

Away from the blue-chip, OSIM International Limited (SGX: O23) gained 1.1% to end the week at S$2.85. It posted its second-quarter results this week. Revenue gained 10% year-on-year to S$183 million and net profit grew 13% to S$30 million. The increase in sales was driven by higher consumer demand for OSIM products. An interim dividend of S$0.02 per share was declared, unchanged from the previous year.

CDL Hospitality Trusts (SGX: J85) fell around 5% to end the week at S$1.69. For its latest quarterly earnings, distribution per unit fell 8% to S$0.0025. As of 30 June 2014, the gearing ratio at the hospitality trust was 29.5%. Currently, it is trading close to book value.

The local market is now valued at 14.2 times its historical earnings.

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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.