Hello, everyone. Here are three things about the local stock market that you might be interested in today.
1. The Straits Times Index (SGX: ^STI) ended Wednesday at 3,533.1 points, inching down 0.2% or 7.2 points.
Of the 30 index components, Venture Corporation Ltd (SGX: V03) lost the most ground as its shares slumped 4.3% to S$21.22.
On the other hand, the biggest winner of the index was Singapore Technologies Engineering Ltd (SGX: S63) after putting on 2.1% to S$3.46.
2. The earnings season is here so do check out the latest earnings coverage below:
SIA Engineering ended the day at S$3.31 per share, down 0.6%, while Straits Trading’s shares rose 0.5% to S$2.19.
3. Frasers Property Ltd (SGX: TQ5) (FPL) and Singapore’s sovereign wealth fund, GIC, are linking up with JustCo to develop a co-working space platform across Asia. Founded in 2015, JustCo is the largest co-working space provider in Singapore.
The joint investment of US$177 million by the trio of companies will enable JustCo to build on its presence in Southeast Asia and expand into other Asian markets, including China, Malaysia, and India. JustCo currently has a presence in Singapore, Indonesia and Thailand.
The investment will also pave the way for JustCo’s “continued focus on ramping up technology solutions and enhance service offerings to facilitate collaboration and networking opportunities amongst its growing base of community members”.
FPL’s group chief executive officer, Panote Sirivadhanabhakdi, said:
“We view real estate as a service offering that goes beyond brick and mortar. The combination of thoughtful design, curated service offerings and smart-office technology, can transform office buildings into inspiring, collaborative workspaces that enhance our workplace communities. Our partnership with GIC and JustCo exemplifies our belief that ‘experience matters’. We look forward to advancing this partnership that will tap on the international scale of FPL and GIC, to accelerate the expansion of JustCo’s network, customers connection, technology platform and services to the next level.”
FPL’s shares last changed hands at S$1.92 today, down 1%.
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