Here are three things about the local stock market that you might be interested in today.
1. The Straits Times Index (SGX: ^STI), finished Wednesday at 3,382.8, slumping 56.6 points or 1.6%. Of the 30 index components, 25 were in the negative territory; three were flat while two saw gains.
Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6) lost the most ground among the blue-chips; its shares tumbled 4% to S$1.20.
On the other hand, the index’s biggest winner was Singapore Press Holdings Limited (SGX: T39) as its stock price climbed 0.8% to S$2.50. The only other company that ended the day in the green was Jardine Strategic Holdings Limited (SGX: J37), whose shares inched up 0.5% to US$38.61.
2. One of the leading producers of films, television and online content in Asia, mm2 Asia Ltd (SGX: 1B0), is tying up with Singapore Press Holdings to establish a joint venture company in Singapore to create digital editorial and video content under the AsiaOne brand.
mm2 will have a 51% equity interest in the joint venture while Singapore Press Holdings will hold the remaining 49%. The new company will have a paid-up capital of S$1 million.
Shares of mm2 Asia ended Wednesday at S$0.51, down 1%.
3. The local stock market welcomed a new kid on the block. Sasseur REIT (SGX: CRPU), which owns four retail outlet malls in China, debuted on the Singapore stock exchange this morning.
Anthony Ang Meng Huat, chief executive of the REIT’s manager, said:
“We are delighted to bring Asia’s first outlet mall REIT to market with the successful listing of Sasseur REIT today. Our strong line-up of cornerstone investors, and the positive demand from institutional and retail investors alike, are testament to the confidence in Sasseur REIT’s unique investment proposition, which offers investors the opportunity to invest in China’s fast-growing outlet market. Moving forward, we will leverage our Sponsor’s experience and unique business DNA, which combines art and commerce in the outlet malls to offer an integrated lifestyle and outlet shopping experience for consumers, and take active steps in executing our key strategies to provide stable and growing distributions to Unitholders.”
The REIT’s units started trading at S$0.805, up from its initial public offering price of S$0.80, before ending the day at its opening price.
To learn more about the REIT, you can head here.
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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.