Here are three things about the local stock market that you might be interested in today.
1. The Straits Times Index (SGX: ^STI) inched up by 0.2%, or around five points, to 3,316.2. Of the 30 index components, 19 finished in the green; 10 were in the red, while one – Hutchison Port Hldg Trust (SGX: NS8U) – ended the day unchanged.
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The biggest winner of the index was Golden Agri-Resources Ltd (SGX: E5H). Shares in the palm oil company added 6.8% to S$0.315 each.
On the other hand, Genting Singapore Ltd’s (SGX: G13) shares tumbled 9.4% to S$0.97, coming in as the Straits Times Index’s worst performer. The owner of Singapore’s Resorts World Sentosa announced yesterday that it is expanding the integrated resort at Sentosa at a cost of S$4.5 billion, which will be funded through internal resources and/or bank borrowings. The expansion, which is expected to take five years, will see the addition of around 50% in new gross floor area.
Subsequently, the scheme meetings scheduled for tomorrow and next Monday has been cancelled. Hyflux added that shareholders “need not attend” the extraordinary general meeting scheduled for April 15 too.
Following the termination of the agreement, Hyflux said that it would continue to pursue “all other viable strategic opportunities as part of the court-supervised reorganisation process”.
3. iFAST Corporation Ltd’s (SGX: AIY) wholly-owned Malaysia subsidiary, iFAST Capital Sdn Bhd, has become the first broker to sell retail bonds and sukuk starting from RM1,000 in nominal value. This comes after Malaysia’s Securities Commission liberalised the regulatory framework to facilitate easier access into the RM1.3 trillion Malaysian bond and sukuk market.
Managing director of iFAST Capital Malaysia, Dennis Tan, said the following in a press release:
“The high barrier of entry and the lack of accessibility to critical information pertaining to bonds has meant that bonds have not been a fixture in many investors’ portfolios. The traditional bond market has long been dominated by sophisticated investors who can have access to bonds at RM250,000 per odd lot. But even then, there is limited availability or choices, because standard lots for corporate bonds and government bonds are traded at RM5 million and RM10 million respectively. With the new seasoning framework and what we are offering on our platforms, investors can now invest in investment grade bonds from as low as RM1,000.”
iFAST shares were unchanged at S$1.11.
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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 iFAST Corporation Ltd. Motley Fool Singapore contributor Sudhan P owns shares in iFAST Corporation Ltd.