The Singapore Market for the Week: Jardine Matheson Holdings Limited Bucks the Trend

For the week, Singapore’s market barometer, the Straits Times Index  (SGX: ^STI), had slipped by 2.3% to end Friday at 2,998 points. It closed below the psychological barrier of 3,000 points after seeing weekly gains for the past three weeks.

Of the 30 index stocks, 21 ended the week in the red with commodities trader Noble Group Limited (SGX: N21) once again being the worst performer, slumping 6.5% to S$0.505.

The firm announced during the week that two if its wholly-owned subsidiaries, Noble Americas Corp. and Noble Petro Inc., have successfully completed a US$1.1 billion Revolving Borrowing Base Facility to help fund their businesses. The arrangement “allows for working capital loans as well as the issuance of trade finance instruments and is available for advances and letters of credit.”

Meanwhile, eight Straits Times Index components saw gains for the week, with Jardine Matheson Holdings Limited (SGX: J36) being the biggest winner. It put on 2.5% to US$54.59.

Golden Agri-Resources Ltd (SGX: E5H) was the only component that finished the week flat at S$0.39. The commodity outfit said recently that it will be releasing its financial results for the third-quarter ended 30 September 2015 on 12 November 2015.

Speaking of financial results, one of Singapore’s local banks, Oversea-Chinese Bank Corp Limited (SGX: O39), had released its third quarter earnings this week.

For the three months ended 30 September 2015, OCBC’s net interest income had increased by 6% year-on-year to S$1.3 billion but its non-interest income decreased 3% to S$775 million. In all, total income (the ‘revenue’ for the bank) had grown by 2% to S$2.1 billion compared to a year ago. The higher top-line flowed to the bottom-line as OCBC’s core net profit came in at S$902 million, 7% higher year-on-year.

The bank closed at S$9.03 on Friday, having lost 4.7% in all during the week.

Elsewhere, Singapore Post Limited (SGX: S08) had a lackluster week, inching down 0.3% to S$1.895.

On Wednesday, the postal and logistics services outfit said that it will develop “Singapore’s first shopping mall that offers a complete suite of eCommerce logistics solutions” near the Paya Lebar Mass Rapid Transit station.

The new retail mall, which will cost S$150 million to develop, is slated for completion around mid-2017. It will consist of four above-ground levels and one basement level, an eight-hall Cineplex operated by Golden Village, SingPost’s flagship post office, retail shops, as well as food and beverage outlet, Kopitiam.

Another loser this week was First Real Estate Investment Trust (SGX: AW9U). The trust lost 6.1% to S$1.24 after a report emerged that its sponsor, Lippo Group, “plans to shift two real estate investment trusts (REITs) with 35 trillion rupiah ($2.6 billion) in assets from Singapore to Indonesia in order to benefit from tax breaks offered by Jakarta.”

The other REIT in question happens to be Lippo Malls Indonesia Retail Trust (SGX: D5IU). But, both REITs had denied the report and said that they are unaware and have not been informed by Lippo Group of any such plans.

The SPDR STI ETF (SGX:ES3), which is a proxy for the Straits Times Index, is now trading at 12.3 times its trailing earnings and yields 3.2%.

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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.