Hello, Fools! Here are three things you might want to know about the local stock market today. 1. The Straits Times Index(SGX: ^STI) pared some of the gains that it had made yesterday. The Singapore stock market bellwether slipped 0.5% to end Tuesday at 3,225.95 points. The biggest loser in the index was land transport outfit, Comfortdelgro Corporation Ltd (SGX: C52). It tumbled 2.9% to S$2.01 and is currently trading at a 52-week low. On the other hand, newcomer Jardine Strategic Holdings Limited (SGX: J37) came in as the biggest winner in the index. Its shares rose 1.1% to…
Hello, Fools! Here are three things you might want to know about the local stock market today.
1. The Straits Times Index (SGX: ^STI) pared some of the gains that it had made yesterday. The Singapore stock market bellwether slipped 0.5% to end Tuesday at 3,225.95 points.
On the other hand, newcomer Jardine Strategic Holdings Limited (SGX: J37) came in as the biggest winner in the index. Its shares rose 1.1% to US$46.38. This could probably be due to index funds that replicate the STI buying up the stock. The company debuted in Singapore’s benchmark index yesterday, after kicking out SIA Engineering Company Ltd (SGX: S59).
2. Keppel Land, a subsidiary of Keppel Corporation Limited (SGX: BN4), announced that it would be acquiring a prime site in Jakarta’s central business district for Rp 586 billion (around S$60 million). Keppel Land plans to develop a premium high-rise tower, yielding about 400 luxury apartments. The total development cost is expected to be approximately S$170 million.
The site is located within the city’s golden triangle zone of shopping, dining and recreational amenities, and will be connected to key transport routes. It will also be adjacent to Keppel Land’s commercial development, International Financial Centre Jakarta.
Mr Ang Wee Gee, Chief Executive Officer of Keppel Land, commented:
“Indonesia is one of Keppel Land’s key growth markets where we are strengthening our presence in Jakarta. We will leverage our extensive expertise as a leading developer of prime developments across Asia to develop a premium high-rise tower that will meet the needs of a growing expatriate and local business community seeking well-located and well-appointed apartments in the city centre.”
Keppel Corporation ended the day at S$6.38, up 0.9%, to come in as the STI’s second-best performer.
3. One of Korea’s leading entertainment production groups, Spackman Entertainment Group Ltd (SGX: 40E), made public that has acquired a 10% equity interest in NSY Group Pte Ltd, which owns Nunsongyee, a famous Korean dessert café chain in Singapore.
The acquisition amounted to S$137,755 and was settled in cash. As at 30 April 2017, the unaudited net asset value of NSY was S$276,874.
Mr Charles Spackman, Executive Chairman and Chief Executive Officer of the entertainment production group, said:
“With this investment into Nunsongyee as a start, we will continue to seek investment opportunities in local Singapore brands in which we can leverage our presence in Korean entertainment to create additional value. We plan to collaborate in various ways with Nunsongyee in Singapore, especially by associating its growing brand with certain celebrities represented by our associated company, Spackman Media Group.”
Shares of the company increased 0.8% to S$0.122.
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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.