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Tue, September 08, 2020-9: 55 am
SINGAPORE shares rose slowly on Tuesday, with the benchmark Straits Times Index (STI) gaining 4.15 points or 0.2 percent to 2,515.36 at 9:01 am.
This occurs even as private sector economists now expect Singapore’s gross domestic product to contract 6 percent this year, worsening slightly from previous expectations of a 5.8 percent drop, according to the latest quarterly survey. from the Monetary Authority of Singapore to professional forecasters, which was released on Monday.
On the Singapore Stock Exchange, the winners outnumbered the losers 79 to 34, after 30.1 million stocks worth S $ 21.9 million changed hands.
The most active accountant by volume was Oceanus Group, which is listed on the watch list, which lost 0.1 Singapore cent or 12.5 percent to 0.7 cent, with some 6.8 million shares traded. Oceanus announced Monday that it has invested an undisclosed sum in deep-tech company Universal Aquaculture to raise shrimp.
Separately, Kitchen Culture gained 0.4 Singapore cents or 2.7 percent to 15.1 cents, with 1.8 million shares traded.
The trio of local moneylenders mixed at the beginning of the trade. DBS gained $ 0.06 or 0.3 percent to $ 20.78, OCBC added $ 0.02 or 0.2 percent to $ 8.65, while UOB fell to $ 0.06 or 0.3 percent to $ 19.47.
Asian banks have been largely conserving capital by cutting dividends or offering scrip options amid the pandemic, and there are opportunities for them to raise debt from yield-hungry investors to further shore up capital, The Business Times reported Tuesday, citing to analysts.
Meanwhile, Sembcorp Marine (SMM) lost 0.1 Singapore cent or 0.5 percent to 19.8 cents. Sembcorp Industries (SCI) earned S $ 0.02 or 1 percent to S $ 1.94.
This comes after SMM’s issue of rights to recapitalize the company was not subscribed, with valid acceptances and surplus requests received for 9.4 billion shares of rights, or 90.2 percent of the nearly 10.5 billion shares of rights available. The 1,030 million shares with unsubscribed rights will be absorbed by a wholly owned subsidiary of Temasek.
Based on the results of the application on Monday, SMM’s parent company SCI subscribed for 7.5 billion, or 72 percent of the available shares, by canceling a S $ 1.5 billion loan it made to SMM in June 2019.
Other active stocks included Medtecs International, which gained S $ 0.06 or 4.2 percent to S $ 1.50 on a cumulative dividend basis, and UG Healthcare, which rose S $ 0.13 or 5.3 per cent. cent at S $ 2.58.
On Wall Street, US markets were closed on Monday for the Labor Day holiday.
European stocks rose for the first time in three sessions on Monday, as investors focused on economic outbreaks and the development of the Covid-19 vaccine. The Stoxx 600 Index advanced 1.7% and Frankfurt shares rose 2%.
Elsewhere in Asia, Tokyo stocks opened higher on Tuesday, buoyed by rallies in major European markets.
The benchmark Nikkei 225 index rose 0.3 percent or 75.62 points to 23,165.57 in early trading, while the broader Topix index gained 0.2 percent or 2.60 points to 1,612.34 .
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