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The Singapore Market This Week: United Overseas Bank Ltd Leads the Pack Higher

The Straits Times Index (SGX: ^STI) ended the year at 3,402.92 points. It inched up 0.5% for the final week of 2017. Out of the 30 index components, 19 were in the positive territory; nine were in the red while the rest finished flat.

United Overseas Bank Ltd (SGX: U11) and UOL Group Limited (SGX: U14) both emerged as joint biggest winners of the index, adding 2.8% to S$26.45 and S$8.87, respectively.

During the week, UOL announced that Secure Venture Development (No. 1) Pte Ltd, its 50%-owned associate, had finalised the purchase of freehold property, Nanak Mansions, for S$201.1 million. The 10,185 square metres site, which has a gross plot ratio of 1.4, allows the property outfit to “replenish its land bank for residential development in Singapore”.

On the other hand, Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6), fell the most. The shipbuilder pared 2% to S$1.47.

The second worst performer of the index, which tumbled 1.6% to S$7.35, was Keppel Corporation Limited (SGX: BN4). Its marine engineering arm, Keppel Offshore & Marine, was slapped with a US$422.2 million penalty as part of a global resolution reached with certain authorities over corrupt payments made by a former Keppel agent in Brazil. You can read more about the fine here.

Elsewhere, Olive Tree Estates Ltd (SGX: 1H2) made its debut on the local stock market on Friday, before closing at S$0.225.

Formerly known as Changjiang Fertilizer Holdings Limited, Olive Tree Estates is a Singapore-based real estate company that specialises in property development and investments. It has developed and invested in two light industrial properties in Singapore – Tagore 8 and One Commonwealth – respectively. It is also planning to develop an industrial real estate in Johor Bahru, Malaysia.

The SPDR STI ETF (SGX: ES3), an exchange-traded fund which can be taken as a proxy for the Straits Times Index, is now valued at a trailing price-to-earnings ratio of 11.1 and has a dividend yield of 2.9%.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. The Motley Fool Singapore has recommended shares of United Overseas Bank Ltd. Motley Fool Singapore contributor Sudhan P owns units in SPDR STI ETF.