CapitaLand Limited Leads the Market Higher This Week

This week, Singapore’s market benchmark, the Straits Times Index  (SGX: ^STI), is up by 3% from last Friday’s close of 3,301 points. The index ended this Friday at 3,412, which marked its highest close since 24 May 2013.

Stock exchange operator Singapore Exchange Limited (SGX: S68) had implemented a major change this week to how shares are traded on its exchanges. On Monday, the board lot size of securities was reduced from 1,000 units to 100 units. This means that the absolute amount an investor has to fork out for the purchase of one lot has gone down considerably.

Of the 30 components of the Straits Times Index, almost all of them – or 28 to be exact – ended the week with gains. Golden Agri-Resources Ltd (SGX: E5H) and Singapore Press Holdings Limited (SGX: T39) were the only two which clocked losses.

The biggest winner in the index was property giant CapitaLand Limited  (SGX: C31); its share price had surged by 9% to S$3.56. CapitaMall Trust (SGX: C38U), which is under CapitaLand’s corporate umbrella, released its full-year results on Friday and managed to grow its distribution per unit by 5.6% year-on-year despite seeing a decrease in both footfall and tenants’ sales in its malls.

Elsewhere,  the conglomerate Keppel Corporation Limited  (SGX: BN4)  announced on Friday that it is looking to gobble up the remaining shares of Keppel Land Ltd (SGX: K17) that it does not yet own. Keppel Corp, which currently owns 54.6% of Keppel Land, has offered S$4.38 per share for the real estate outfit; the offer price may be bumped up to S$4.60 if certain conditions are met

Shares of both companies have been halted from trading since Wednesday morning. But in their shortened trading week, Keppel Corp managed to gain 0.9% to S$8.10 while Keppel Land had climbed by 4.3% to S$3.65.

The STI is currently trading at 13.9 times its historical earnings and has a market capitalisation of S$563 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.