A Snapshot of the Local Stock Market This Week

For the holiday-shortened week, the Straits Times Index  (SGX: ^STI) slumped by 1.6% to close at 2,833 points. This week only saw four trading days due to the Hari Raya Haji public holiday on Thursday.

Of the 30 index components, 19 ended the week with losses, with Noble Group Limited (SGX: N21) leading the pack down. The embattled commodity firm saw its share price drop 7.1% to S$0.455. During the week, Noble had seen a shuffle in its Board committees.

On Wednesday, Noble said that Founder and Chairman, Richard Elman, had stepped down as a member of its Audit Committee and Nominating Committee; Christopher Pratt, Independent Non-Executive Director, was appointed as Chairman of the Remuneration and Options Committee; and Richard Margolis, Independent and Non-Executive Director, was appointed as Chairman of the Corporate Social Responsibility & Government Relations Committee.

Meanwhile, the rest of the Straits Times Index’s constituents were in the green, with the biggest winner in the index being spirits distiller and beer brewer Thai Beverage Public Company Limited  (SGX: Y92).

Moving out of the blue chip universe, private healthcare services provider Raffles Medical Group Ltd (SGX: R01) fell 3.8% to end the week at S$4.54.

Earlier this month, Raffles Medical announced its maiden foray into Japan. It will be opening a medical centre in the second largest city in Japan, Osaka. The centre will be located in Osaka’s prime central business district around the downtown Umeda train station.

The new Osaka centre will be operated by RMG’s subsidiary, Raffles Japanese Clinic, as well as a joint-venture Japanese partner, Socion Healthcare Management Ltd. The 5,400-square feet facility will provide family medicine, travel medicine, dermatology and aesthetics, traditional Chinese medicine, and health screening services.

Currently, the SPDR STI ETF (SGX:ES3), an exchange-traded fund tracking the fundamentals of the Straits Times Index, is trading at 11.3 times its trailing earnings and sports a dividend yield of 3.4%.

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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.